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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 Subscription
