Key Levels to Watch if Toncoin Enters Price Discovery Mode This Week

Sahil Mahadik
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Highlights

  • A constructive pullback to a 50% retracement level signals the buyers continue to have the upper hand for Ton.
  • The Midline of the Bollinger band indicator provides the coin price and active demand pressure during an occasional market pullback.
  • The intraday trading volume in Toncoin is $358.5 Billion, indicating a 25% loss.

With the Bitcoin price struggling to surpass the $65000 barrier, the altcoin market continues to face overhead supply. The Toncoin shows this lack of bullish momentum with a long-wick rejection candle at $ 7.67 resistance. The Toncoin price recently reverted from this resistance and tumbled the asset 6.6% to currently trade at $6.9, sparking a potential for further downfall.

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TON Blockchain Surges Amidst Market Slump: Outperforms Bitcoin by 118%

OKX:TONUSDT Chart
Toncoin price| Tradingview

The past two weeks have been sluggish for the cryptocurrency market as the Bitcoin price continues to consolidate between $65000 and $60000 level. However, the TON price showed notable resilience to the market uncertainty and rebound from the $4.6 support. The price reverted above the 50% Fibonacci retracement level indicating this downfall was a healthy pullback for buyers to recuperate strength.

Thus, the Toncoin witnessed an immediate V-shaped reversal surging the asset 51% to currently trade at $6.94.

CryptoQuant, a prominent crypto analytics firm, recently highlighted the exceptional performance of the TON blockchain, which has emerged as one of the best-performing layer 1 blockchain in 2024. According to the report, since the beginning of the year, TON blockchain has surged ahead of Bitcoin by an impressive 118%.

This remarkable growth has positioned TON ahead of other popular layer-one blockchains, many of which have struggled to maintain momentum. The analyst S. Lovelace also adds “TON’s relative strength against bitcoin coupled with the network effect of Telegram make it a crypto worth monitoring this bull run”.

Thus, the Toncoin is well positioned to breach the $7.67 barrier favoring buyers for higher. With the asset entering price discovery mode the traditional pivot level indicator highlights potential resistance at $8.83 followed by $10.

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Technical Indicator 

  • Average Directional Index: The daily ADX slope at uptick x% indicates the prior correction offer TON coin sufficient to lead a higher rally.
  • BB Indicator: The coin price challenging the upper boundary of the Bollinger band indicator projects the demand pressure exceeds the supply momentum.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.