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Toncoin Price: As the leading cryptocurrency <a href="https://coingape.com/blog/bitcoin-price-will-bitcoin-hit-80000-before-halving/">Bitcoin</a> extended its high to new levels, the altcoin witnessed an aggressive recovery momentum, including <a href="https://coingape.com/toncoin-price-rallies-23-ton-partners-dwf-labs-fireblocks/">Toncoin</a>, This asset riding a high momentum is highlighted by three massive candles in the daily chart which propelled the coin value by $2.7 to $4.38, registering a 68% growth. 
Also Read: <a href="https://coingape.com/crypto-prices-today-march-13-bitcoin-at-72k-ethereum-at-4000-pepe-coin-toncoin-surge/">Crypto Prices Today March 13: Bitcoin At $72K, Ethereum At 4000, Pepe Coin &amp; Toncoin Surge</a> 
<h2 id="b-toncoin-price-bullish-reversal-attracts-smart-money-b">Toncoin Price Bullish Reversal Attracts Smart Money</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/j/Jm4D3k3C.png" alt="KUCOIN:TONUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Toncoin Price| Tradingview
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</figure> 
For over a year, <a href="https://coingape.com/toncoin-ton-price-hits-new-all-time-high-whats-behind-the-rally/">TON</a>, the native cryptocurrency of theToncoin decentralized layer-1 blockchain, traded in a sideways trend struggling to sustain above the $2.8 barrier. However, an analysis of the daily time frame chart showed this consolidation as the formation of a bullish reversal pattern called inverted head and shoulder pattern, 
<blockquote>
 On March 1st, the <a href="https://coingape.com/markets/how-telegram-web3-fuel-toncoin-price-march-rally-time-to-buy-ton/">Toncoin price</a> gave a bullish breakout from the pattern’s neckline resistance at $2.7 signaling a notable change in market dynamic. The post-breakout rally uplifted the coin price by 70% to reach the current trading price of $4.53. This bullish movement coincides with speculation around a potential Initial Public Offering (IPO) by the messaging giant Telegram, which has been closely linked with the TON project.
</blockquote> 
According to Spot On Chain, a notable cryptocurrency whale — identified by the Ethereum address 0x1ee — has invested heavily in Toncoin. The whale’s transaction history shows a purchase of 209,237 TON, valued at around $852K worth of Ethereum (ETH), at an average price of approximately $4.07 per TON over the past day. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a> price surged ~26% (24H) amid a potential IPO of <a href="https://twitter.com/hashtag/Telegram?src=hash&amp;ref_src=twsrc%5Etfw">#Telegram</a>. 
 Whale 0x1ee has spent 214 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($852K) to buy 209,237 <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a> at ~$4.07 in the past 25 hours. 
 Note that the whale is currently earning an est. total profit of $2.48M from 6 of 9 traded tokens (win rate: 66.6%).… <a href="https://t.co/c7Eps1dEsX">pic.twitter.com/c7Eps1dEsX</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1767782825925693725?ref_src=twsrc%5Etfw">March 13, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This accumulation hints that smart money traders do not expect an immediate top for the TON price and possibly a prolonged recovery. 
As per the traditional pivot level, the recent price jump gives a deceive breakout from Resistance-4 level at $4.4, providing buyers another stepping stone to climb higher. With sustained momentum, the TON price may rise another 7.5% to meet the next immediate resistance at $7.85. 
Also Read: <a href="https://coingape.com/bitcoin-news-whales-with-over-1000-btc-cash-out-profits-a-correction-ahead/">Bitcoin Whales With Over 1000 BTC Cash Out Profits, A Correction Ahead?</a> 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope to 90% indicates the buyers leading an overextended rally, and a minor pullback could allow them to recuperate strength.’</li> 
 <li style="font-weight: 400;" aria-level="1">Pivot Levels: If the TON price enters a new correction from $4.4, the pivot levels of $3.9 and $3.4 stand as potential supports.</li> 
</ul> 
The post <a href="https://coingape.com/markets/has-toncoin-price-hit-overbought-after-a-70/">Has Toncoin Price Hit Overbought After a 70% Weekly Surge?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Has Toncoin Price Hit Overbought After a 70% Weekly Surge?

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