- Toncoin was underperforming, trading at $6.2 at press time.
TON’s market cap was $22 billion, ranking in the top 10 despite recent price drops.
As a researcher with a background in cryptocurrency markets and analysis, I find Toncoin’s underperformance during this current crypto rally quite intriguing. While it’s true that TON is currently trading at a disappointing $6.2, its solid market cap of $22 billion places it among the top 10 cryptocurrencies.
The native digital currency of the Toncoin network, Toncoin (TON), remains unfazed by the ongoing surge in the cryptocurrency market.
As a researcher examining the cryptocurrency market, I’ve noticed an uplift in most major altcoins following Bitcoin‘s [BTC] price surge above $70,000 and the Ethereum [ETH] spot ETF approval buzz. However, an exception to this trend is TON, which has experienced a 5.8% decline and currently trades at a disheartening $6.2. I’m intrigued as to why this digital asset is not benefiting from the broader market recovery.
TON is struggling, but it’s not all bad
Significantly, TON has failed to keep pace with the crypto market surge. Yet, it holds a robust market value of over $22 billion, making it one of the top 10 cryptocurrencies by market capitalization.
As a researcher studying the cryptocurrency market, I’ve observed that although price movements may be slowing down, the role and importance of price action within the crypto ecosystem remains substantial.
Santiment highlights the significant expansion of TON‘s user base over the past six months. More precisely, the count of active wallets containing TON tokens has surged by approximately 110%, amounting to a total of 16,800 wallets as of now.
This suggested that there was still a lot of interest and belief in Toncoin’s potential.
TON’s yearly gains are still among the highest in the market, registering over 220%.
As a researcher, I’ve discovered some intriguing data from DeFiLlama that highlights the growing popularity of The Open Network. Specifically, the TVL (Total Value Locked) in its dApps has reached an impressive figure exceeding $289 million. This significant increase suggests widespread adoption and increasing prominence within the decentralized finance ecosystem.
Technical analysis
The 5-day chart for TON/USD exhibited a turbulent price movement, marked by numerous substantial price swings.
Over the past five days, Toncoin exhibited a trading range of fifty-five cents, with its price peaking at approximately $6.75 and touching a low of around $6.20.
Upon hitting its zenith, I observed a significant drop in Toncoin’s value. This downward trend can be attributed to a powerful wave of selling or profit-taking actions among investors at the price peak.
As an analyst, I’ve observed that the price showed signs of recovery after hitting bottom at around $6.20, indicating a certain degree of underlying support in that region.
The trading activity in TON has remained fairly stable, with noticeable increases coinciding closely with substantial price fluctuations. In other words, there’s a heightened level of trading when the market becomes more volatile.
For five consecutive days, the price exhibited a stable trend around the $6.20 mark. The bearish forces repeatedly pushed the price down, causing it to rebound at this level.
As a researcher studying the price trends of TON, I have observed a significant bearish pattern. If this downward trend continues, it is unlikely that TON will be able to maintain the $6.2 support level. In such a scenario, the price could potentially drop below $6 and even reach $5.5. However, if TON manages to hold on to the $6.2 support level, there might be a modest rise towards $6.5.
So, TON still has a chance to join the rally.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
2024-05-23 10:15