TON Price Remains Resilient Above $6.7, Can It Hold Ahead Of Crypto Winter?
25 June 2024 - 10:30PM
NEWSBTC
Despite the broader cryptocurrency market experiencing fluctuations
and challenges, TON (The Open Network) has demonstrated remarkable
resilience. Holding steady in the face of varying market
sentiments, TON’s price stability has attracted attention from
investors and analysts alike. This resilience raises a
critical question, can TON maintain its strength and continue to
thrive as the market potentially enters a tougher phase, often
referred to as the crypto winter? TON’s price was trading at around
$7.56 and was up by 4.03% with a market capitalization of over $18
billion and a trading volume of over $392 million as of the time of
writing. There has been a 24-hour increase of 3.84% and 14.75% in
TON’s market capitalization and trading volume respectively. This
article examines the price action of TON in detail to assess if the
market of the crypto asset will continue to be optimistic or
whether further gains are likely before a decline. Analyzing TON’s
Performance Amidst Crypto Fluctuations On the 4-hour chart, the
price of TON is actively bullish, and an upward move toward the
$7.7 resistance level is being attempted. This followed after the
price failed to break below the bullish trend line. It should also
be noted here that the asset is actively trading above the 100-day
Simple Moving Average (SMA) which suggests that TON might extend
its upward trajectory. With the signal line of the Relative
Strength Index (RSI) trending above 50% after an unsuccessfully
attempted drop below it, the indicator confirmed the above claim
that the digital asset might extend its upward movement. An
analysis of TON’s current price action on the 1-day chart reveals
that the bulls are still very active in the market as the price
experiences a strong rejection after attempting a drop toward the
bullish trend line. It can therefore be said that TON is actively
bullish and may extend its bullishness. Adding to this, is the
1-day RSI indicator signaling more positive movements for TON’s
price as the signal line after a drop to the 50% level, is
beginning to rise above it again. Can TON Withstand The Crypto
Winter? Exploring the prospects and strategies of TON for enduring
future market downturns, it was revealed that if the crypto asset
continues to move upward and break above the $7.7 resistance level.
It may move higher to test the $8.2 resistance level and probably
move on to create a new all-time high if the price breaches this
level. However, if it fails to break above the $7.7 resistance
level, it will begin to move downward toward the $6.7 support
level. Should the price breach this support level, it may move
further to test the $6.05 support level and possibly other lower
levels. Featured image from Adobe Stock, chart from Tradingview.com
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