Toncoin (TON) Throws Weight Around To Lead Weekend Top 20 With 22% Rally
14 August 2023 - 1:20AM
NEWSBTC
The dynamic and ever-evolving blockchain community has shown a
great deal of interest in and enthusiasm for Toncoin (TON). Due to
its technological underpinnings and innovative answers to the
long-standing problems that have plagued the field of decentralized
finance, this digital money has risen to popularity very quickly.
At the time of writing, TON was trading at $1.46, registering an
impressive 10.4% increase in the last 24 hours. Equally impressive
is the crypto’s price rally in the last week, when it registered a
22% climb, data from crypto market tracker Coingecko shows. TON
price action today. Source: Coingecko Just lately, the price of
Toncoin broke out in a big way, separating itself from a 30-day
consolidation. During this period of consolidation, prices moved
inexactly between $1.31 and $1.49, showing a restricted and steady
trading range. Toncoin Shows Signs Of Resilience Several times
throughout this period of consolidation, the cryptocurrency showed
signs of trying to rise beyond the $1.50 barrier, which may have
suggested a possible upward trend. However, bullish market forces
were unable to push the price over the $1.50 level, and the price
ultimately closed below that level. The continuation of these
adverse influences indicates that traders and investors are
currently exercising caution. The bears’ stubbornness implies
there’s a widespread view that the market can’t handle a prolonged
rise above $1.50 just yet. 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. Established in 2018, it is a
proof-of-stake (PoS) network that has gained massive adoption among
crypto users for its lightning-fast transactions. TON set out to do
some very big things, like simplifying transactions inside of
Telegram. However, it encountered difficulty 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 Telegram’s failure to register a
substantial preliminary $1.7 billion Gram token sale. Source:
Currency.com Possible Revisit Of Resistance Level This regulatory
worry caused a brief halt in Gram sales, and the unrevealed
offering ultimately led to a legal setback. Simultaneously, a slew
of cyberattacks cast a pall over the TON’s appeal. Meanwhile, the
present market structure indicates that the Toncoin price may
revisit the resistance level of $1.49 if bulls can push prices
above the support turned resistance of $1.31. For this to be even
remotely credible, a candle closure over $1.31 would be required.
If the TON price, however, rejects $1.31, it may return to the
current support level of $1.17. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from Hello
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