The dynamic and ever-evolving blockchain community has shown great interest and enthusiasm for Toncoin (TON). Due to the technological underpinnings and innovative answers to the long-standing problems that have plagued the field of decentralized finance, this digital money has gained popularity very quickly.
At the time of writing, TON trading at $1.46, an impressive 10.4% increase in the last 24 hours. Equally impressive is the crypto’s price surge over the past week, when it registered a 22% increase, according to data from crypto market watcher Coingecko.
TON price action today. Source: Coingecko
Lately, the price of Ton coin broke up in a big way and separated itself from a 30 day consolidation. During this period of consolidation, prices moved imprecisely between $1.31 and $1.49, showing a limited and stable trading range.
Toncoin is showing signs of resilience
Several times throughout this period of consolidation, the cryptocurrency has shown signs of attempting to break above the $1.50 mark, possibly suggesting a possible uptrend. However, the bullish market forces were unable to push the price above the $1.50 level, and the price eventually closed below that level.
The continuation of these adverse influences indicates that traders and investors are currently cautious. The bears’ stubbornness implies that there is a widespread view that the market cannot yet sustain a sustained rise above $1.50.
As of today, cryptocurrencies reached a market cap of $1.13 trillion. Chart: TradingView.com
Toncoin at a glance
The Open Network, or TON for short, is a layer-1 blockchain that is both decentralized and fast. Founded in 2018, it is a proof-of-stake (PoS) network that has gained immense popularity among crypto users for its lightning-fast transactions.
TON was planning to do some very big things like simplifying transactions within Telegram. However, it encountered difficulties at every turn of its path.
Despite the project’s initial focus on Gram, its native digital currency, it ran into trouble when the US Securities and Exchange Commission pointed out that Telegram had failed to record a substantial preliminary $1.7 billion Gram token sale .
Source: Currency.com
Possible revision of the resistance level
These regulatory concerns caused a brief halt in Gram sales, and the undisclosed offer eventually led to a legal setback. At the same time, a slew of cyber-attacks cast a shadow over the TON’s appeal.
Meanwhile, the current market structure indicates that Toncoin price could revise the $1.49 resistance level if bulls can push prices above the support, which has become $1.31 resistance.
To make this even remotely believable would require a candle close above $1.31. However, if the TON price rejects $1.31, it could rebound to the current $1.17 support level.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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