Toncoin (TON) has garnered significant interest and enthusiasm from the dynamic and ever-evolving blockchain community. Its innovative solutions to long-standing problems in decentralized finance have contributed to its rapid rise in popularity. As of writing, TON is trading at $1.46, with a notable 10.4% increase in the past 24 hours. Coingecko data also reveals an impressive 22% price rally in the past week.
Recently, there has been a significant price breakout for Toncoin, after a 30-day period of consolidation. Throughout this period, the price remained within a narrow trading range of $1.31 to $1.49, indicating a limited and stable trading pattern.
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TONcoin leads weekend top 20 with 22% rally. Toncoin Shows Signs Of Resilience
During the period of consolidation, the cryptocurrency attempted to surpass the $1.50 barrier multiple times, indicating a possible upward trend. However, the bullish market forces were unable to push the price beyond the $1.50 level, resulting in the price ultimately closing below that threshold. The persistence of these negative influences suggests that traders and investors are currently exercising caution. The reluctance of the bears implies that there is a widespread belief that the market is not yet ready for a sustained rise above $1.50. TONcoin leads weekend top 20 with 22% rally.
Toncoin At A Glance
The Open Network, commonly referred to as TON, is a decentralized and high-speed layer-1 blockchain that was established in 2018. It operates on a proof-of-stake (PoS) network and has gained immense popularity among crypto enthusiasts due to its lightning-fast transaction processing. TON's primary objective was to simplify transactions within the Telegram ecosystem, but it faced numerous challenges along the way. Despite its focus on Gram, the project ran into regulatory issues when the US Securities and Exchange Commission highlighted Telegram's failure to register a significant preliminary $1.7 billion Gram token sale.
Possible Revisit Of Resistance Level
The sales of Gram experienced a temporary halt due to regulatory concerns, and an undisclosed offering resulted in a legal setback. Additionally, a series of cyberattacks have raised doubts about the appeal of TON.
Based on the current market structure, there is a possibility that Toncoin's price may reach the resistance level of $1.49 if the bulls manage to push the price above the support turned resistance of $1.31. However, it is important to note that this would require a candle closure over $1.31 to be considered credible. In the event that the TON price fails to surpass $1.31, it may fall back to the current support level of $1.17.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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