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Toncoin Price Analysis: TON Price Slowly Gains Momentum To Cross $4

  • Toncoin is currently seeing a bullish outbreak in the patter. The next resistance can be seen near $2
  • Technical Indicators of TON are favoring the upside move. TON/BTC pair has seen a gain of over 2%

Ton is a layer-1 decentralized blockchain developed in 2018 by the popular social media app Telegram.The project was then abandoned and taken over by Ton foundation and was later renamed as “The Open Network”. The blockchain platform was originally created by Nikolai and Pavel Durov and then further developed by Telegram Team. Ton has multi level structure of sharding which involves the use of multiple subnets where each subnet has a specific purpose. It is a community driven protocol with a flexible architecture and focus on their customers. Toncoin transactions per second has seen a strong growth in the past few years.

Toncoin is currently ranked 25th in the cryptoverse and has a market dominance of 0.27%. Toncoin is currently down by more than 60% from its all time high. The current market cap of TON is around $2.2 Billion. Volume of the asset price has seen an increase of over 5% in the intraday session. Volume to market cap ratio of the coin suggests a consolidated trend in price.

Bulls Of TON Are Ready For A Big Move

Source: TradingView

Toncoin is seeing a weak upside trend from the past few months. The weekly technical chart of TON suggests a consolidated upside move for the future. On coming to the daily chart the coin price is trading near the value of $1.8 with a gain of 2.2%.The upside trend of TON can see a halt near $2.2. Meanwhile the support of the asset price can be seen near $1.25. The asset price is currently trading above 50 and 100 Daily Moving Average. There can be a positive crossover in the future which can push the price to a new high.

Conclusion

Toncoin is currently looking to push beyond $4 in the future. TON price is currently in a consolidated trend but can move to a new high in the future.

Technical Levels

Major Support:$1.25

Major Resistance:$2.2

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing