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The Toncoin price soared 5% in the last 24 hours and 13% in a week to trade at $6.66 as of 02:29 a.m. EST on trading volume that dropped 24% to $469 million.
This comes as Binance announced the listing of new TON spot trading pairs on Aug. 8, as the decentralized and open L1 blockchain, created by the community using technology designed by Telegram, continues to gain traction.
Toncoin Price To Continue Surging
The Toncoin price dropped at the beginning of August from $6.79 to find support at around $5.2, according to data from GeckoTerminal.
Bulls then pushed the token back to the $6.79 resistance, forming a rounding bottom pattern. However, the Toncoin price invalidated the bullish prospects of the rounding bottom, as it dropped back to $6.0, completing a cup and handle pattern.
TON price bulls aim for a rally as traders capitalize on the pattern to stage a bullish trend over the handle. The price of Toncoin now trades above the 50 Simple Moving Average (SMA) on the 4-hour chart, as bulls struggle to push the price above the 200 SMA at $6.69.
Moreover, the Relative Strength Index (RSI) is also soaring towards the 70-overbought region, currently at 61, as buying activity intensifies.
The Moving Average Convergence Divergence (MACD) also supports the bullish prospects, as it trades above the zero line. Also, the blue MACD line crossed above the orange signal line recently.
If bulls capitalize on the cup and handle pattern, together with the RSI and MACD, the price of Toncoin could soar. Traders will likely target $8 in this scenario.
However, bears taking control of the price at this level could result in a retracement back to the aforementioned $6 support level, which is a cushion against downward pressure.
As the Toncoin price soars, investors are buying the new Olympic-themed meme coin, The Meme Games ($MGMES), as it garners over $364K in its ongoing presale.
According to Jacob Bury, a popular crypto analyst on YouTube, $MGMES has the potential to surge 10X after its launch.
The Meme Games Presale Amasses Over $364K
The Meme Games is a new meme coin project that has emerged with a unique P2E ecosystem. It involves a gamified presale and offers a chance to interact with the Olympics in a whole new way.
CRYPTO BREAKING NEWS
The Meme Games raises over $100K on opening day of presale. The Meme Games presale raises over $100K in its first 24 hours, capturing attention in the booming memecoin sector. #partnercontent check us out @ https://t.co/8dh137buUp pic.twitter.com/YwzyP2glE4— InnovatekMobile (@Neome_com) July 17, 2024
The project brings in an exhilarating fusion of the competitive spirit of the Olympics and the vibrant, fun-filled ecosystem of meme coins. Here, investors support a meme character of their choice, which will act as an athlete competing in the blockchain version of the Olympics. If investors’ picks win, they earn a 25% bonus.
Participants can choose between Dogecoin, Pepe, DogWifHat, Brett, or Turbo and watch them compete for gold medals. Each token purchase lets buyers choose a meme athlete who might win additional tokens.
As a token holder, you can earn passively through the project’s staking mechanism as well. All you have to do is buy and stake $MGMES for an annual percentage yield (APY) of 567%.
You can buy $MGMES tokens now for $0.00925 each. With a price hike coming in about five days, buy soon to lock in the best deal.
Purchase $MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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