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

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.

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

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%.

$TON is among the best-performing layer 1 blockchains in 2024

“Since the beginning of 2024 @ton_blockchain has outperformed #bitcoin by 118% while other popular layer-one chains have struggled to find strength.” – By @BenSizelove

Read more 👇https://t.co/qbbqUSVIIp pic.twitter.com/iNnnxQTuZc

— CryptoQuant.com (@cryptoquant_com) May 14, 2024

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.

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.