Toncoin Throws Weight To Lead Weekend Top 20 With 15% Rally

News BTC

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.

How To Get Free Crypto  

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:

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.

Coinbase Banner  

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.


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.

FreeBitcoin Banner  

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

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.