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- TON is currently in a consolidated move and can see a breakdown in the near future.
- Technical Indicators of TON are favoring the weak downside move. It has seen a gain of 2% in the intraday session.
Toncoin is a decentralized layer 1 blockchain which was developed in 2018 by Telegram. It was then abandoned and then taken over by TON foundation. It has seen an immense growth with the help of their community. This platform was originally created by the Two brothers Pavel Durov and Nikolai. Telegram on chain token GRAM got a lot of attention from the SEC and was eventually been banned. TON was open source from the very beginning and anyone can continue the development. TON has a multi level structure built on the basis of Sharding. The developers of the project are focusing on efficiency, Mass adoption and scalability. TON has supply of over 1.22 Billion circulating and 5 Billion Maximum. It is currently down by more than 65% from its all time high. Various analyst are expecting a strong growth in the future.
TON is currently ranked 29th in the cryptoverse and has a market cap of over $2.7 Billion. Volume of the asset price has seen an increase of 25% in the intraday session.Volume to market cap ratio of TON suggests a consolidated trend in price
Are Bears Of TON Ready To Give Up?
The weekly technical chart of the TON suggests a consolidated trend in price.On the daily chart it is trading near the value of $2.27 and has seen a gain of 2% in the intraday session.It may see a strong upside momentum in the long term.Resistance of the TON can be seen near $3.Meanwhile the support of the asset price can be seen near $1.It is currently trading above 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the TON is near 47 suggesting its presence in the oversold zone.There is a downside slope suggesting a bearish momentum.
Conclusion
TON has seen a large increase with the rise in Bitcoin. Toncoin is currently in a consolidated range but can move to a new high.
Technical Levels
Major Support:$1.5
Major Resistance:$3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
