Toncoin Price Rebounds Amid Speculation on Future Fed Interest Rates

Toncoin (TON) price has recently experienced a notable rebound, continuing its upward movement after a previous downturn. This resurgence in Toncoin’s value coincides with broader recoveries across various cryptocurrency markets. The price of Toncoin exhibits a bullish trend, indicating a positive momentum. Additionally, the cryptocurrency’s uplift reflects broader gains in the global stock markets, potentially spurred by anticipations of a rate cut by the Federal Reserve.

Toncoin Price Reacts to Fed Interest Rate Cut

Recent economic data suggests that the Federal Reserve will lower interest rates starting September 18. This development follows the significant 20% decrease in Toncoin’s value over the past month. The dip occurred after Pavel Durov, the founder of Telegram, was arrested, pushing prices to a mid-March low of $4.5.

Fortunately for investors, Durov’s recent release on parole, coupled with Telegram’s updated privacy policies, has sparked a renewed interest in Toncoin. The altcoin is stabilizing, maintaining a support level just above $5.20. This resurgence highlights the close relationship between the digital currency and the messaging platform’s developments.

Over the past 24 hours, the Toncoin price has steadily climbed, indicating bullish market behavior. As of the reporting time, the TON price is trading at $5.27, surging 3.53% from its previous position. The daily high reached $5.28, nearing its peak trading price. 

Is a 90% Surge Imminent for TON Price This September?

This upward movement reflects a positive trend for investors, with Toncoin recovering from a daily low of $4.93. The altcoin has seen significant fluctuations over the past few months, reaching an all-time high of $8.24 three months ago.

The 4-hour technical indicators for Toncoin suggest a cautiously optimistic outlook for the coin. The Relative Strength Index (RSI) is currently at 46, reflecting a neutral market sentiment without significant overbuying or overselling pressures

Toncoin price chart| Source: TradingView

According to Coinglass data, Toncoin trading volume has surged by 43.57% to $505.77M. Open interest also rose, showing a 5.61% increase, now at $272.87M. This uptick indicates heightened activity and investor interest in the altcoin.

Source- Coinglass

The Toncoin price shows a significant upward trend, indicating a bullish phase ahead. If the current growth continues, TON will likely break the $6 mark soon. With ongoing positive momentum, the cryptocurrency’s price could climb towards $8 and reach $10, representing a potential increase of over 90%.

Frequently Asked Questions (FAQs)

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.