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- 1 Toncoin price trades at $1.273 while witnessing a gain of 1.03% during the intraday session.
- 2 The year-to-date return of Toncoin is -41.56% while the one-week return is 6.43%.
Toncoin (TON) price had a decisive breakout from more than a month-long consolidation ranging between $1.31 and $1.49. There were several attempts compelled by the cryptocurrency price to rise and close above $1.50 but the presence of bears did not make it possible.
TON price was already under the confluence of bears since the break of yearly lows. After the breakout to the downside, the price formed support at $1.17 and consolidated below in a narrow consolidation zone below $1.22. However, on 8th August 2023, the price gained enough bullish momentum to break above it.
The bullish move might be a retest of the previous zone as the previous candle closed bearish facing rejection from $1.305.
On 2 August 2023, the TON developer report was released which showed that even though there is a decline in the cryptocurrency industry landscape, TON did stand out and experienced a surge of 102% in the involvement of developers since the previous year which can also be one of the reasons for the rise in Toncoin price.
The current market structure shows that if bulls can push prices above the support turned resistance of $1.31, there is the possibility that the Toncoin price might retest the resistance level of $1.49. A candle should close above $1.31 to provide slight confirmation. On the other hand, if the TON price rejects $1.31, it might fall back to the recent support of $1.17.
Launch of TON Space
The launch of TON Space has been announced by Wallet, the TON-based application in telegram messenger, which will give its end users complete control of their digital assets. The TON Space will allow users to build apps with a user interface in Telegram and its seamless blockchain integration with the Ton Space wallet.
Will the TON Price Rise Above the $1.31 Level?
Chaikin money flow (CMF) score of Toncoin has dropped below the 0 mark and trades at -0.17 implying weakness in the market. CMF has been trading below the 0 mark since 23 July 2023 which also indicates a strong confluence of bears in the current market scenario.
However, the cryptocurrency price has positively crossed the 20-day exponential moving average indicating a rise in bullish momentum.
The relative strength index surged after touching the 30 mark and currently trades at 49.47 suggesting increased participation of bulls in the market. The long/short ratio is 0.99 with 49.81% longs and 50.19% shorts suggesting a slightly higher position from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Toncoin has turned bullish after the price broke above $1.22. Technical parameters suggest there is a rise in bullish pressure but traders should wait for the price to close above $1.31.
Technical Levels
- Major support: $1.17 and $0.96
- Major resistance: $1.49 and $1.71
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
