The world of cryptocurrency is buzzing with excitement as Toncoin (TON) recently hit $3.57, a remarkable milestone in the past couple of years. This surge in value has everyone talking, especially with the Bitcoin halving event just around the corner in late April 2024. Now that Toncoin is sitting at $3.57, many are wondering: Could it possibly reach $5 in the near future? How high can the TON price go? Let’s take a look at this Toncoin price prediction article.
Toncoin has been on a positive streak lately, showing a strong upward trend. Over the past 30 days, it surged by an impressive 46.82%. Looking at the medium-term, Toncoin has been consistently bullish, with a remarkable 48.98% increase over the last 3 months. Zooming out to the long-term perspective, Toncoin’s performance remains promising, boasting a 39.13% rise in price over the past year. This time last year, Toncoin was trading at $2.31.
On December 25, 2021, Toncoin hit its all-time high of $4.91. Currently, it’s experiencing a cycle high of $3.32, with a low point at $0.757304. Toncoin has been quite volatile lately, with a 1-month volatility rate of 12.76. In the past 30 days, Toncoin recorded 17 green days, indicating positive momentum.
Why is the Toncoin Price Up?
TON experienced significant growth fueled by several noteworthy announcements. It all started with Telegram Messenger’s exciting news that they would start compensating channel owners with cryptocurrency for advertising. Following that, Binance, a popular cryptocurrency exchange, added to the momentum by announcing the introduction of perpetual futures trading for the TON token.
In a chat with the Financial Times, Durov shared some exciting updates about Telegram’s growth journey. He mentioned that the platform has now reached a whopping 900 million users and hinted at the possibility of becoming profitable soon. Durov even floated the idea of taking Telegram public with an IPO on the stock exchange in the near future.
Speaking as the owner of Telegram, Durov revealed that potential investors, including major global tech funds, have valued the company at over $30 billion. Despite this, he made it clear that selling Telegram isn’t on the cards, focusing instead on the potential IPO down the road.
Toncoin Price Prediction: How high can the TON price go?
Right now, the Toncoin market is feeling pretty optimistic, with the Fear & Greed index showing Extreme Greed. Keeping an eye on support levels at $2.77, $2.71, and $2.64 is crucial, while resistance levels at $2.94, $3, and $3.05 are the ones to watch for potential hurdles.
Taking into account the factors discussed above, the outlook for Toncoin’s price appears optimistic. To reach the target of $5 within the next few days, TON would need to rise by approximately 40%. Going forward, it’s crucial to keep an eye on the sentiment in the TON market, as well as the key support and resistance levels, among other metrics.
So, in 2024, TON’s price might fluctuate between $3.50 and $16. Should it hit the upper target, TON stands to surge by over 350%, reaching $16.
Where to Buy Toncoin?
For those looking to enter the cryptocurrency market, Bitget stands out as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.