Toncoin performed remarkably throughout the year and provided outstanding returns to its investors. However, it is currently experiencing some weakness.
The TON price has experienced strong buying momentum this year and hit a record high of $7.67 on April 11, 2024. Although the price reached an all-time high in April, it could not hold, and selling pressure emerged.
In Q2, Toncoin (TON) emerged as the top-performing cryptocurrency in the market, standing out amidst the prevailing market weakness. Investors saw a price increase in Toncoin (TON) from $4.85 to $7.18 between April and May.
The surge in Toncoin’s (TON) price was linked to its partnership with Telegram, as investors anticipate that a significant number of Telegram’s 900 million monthly users will engage with it.
Additionally, launching a play-to-earn game offering Notcoin rewards and Binance’s announcement to list Notcoin in May contributed to the boost in Toncoin’s (TON) price. Given this information, the investors are optimistic about its future performance prospects.
Likewise, industry analysts indicate a bullish outlook for Toncoin (TON) and anticipate its upward trend to continue. With its RSI moving out of the overbought zone, the digital asset price projections suggest it could reach higher levels by the end of the year.
Toncoin Faced Weakness on the Technical Chart
The price of Toncoin dropped by approximately 40% in the 19 days following its initial attempt to reach an all-time high. In the middle of May, the price made another effort to surpass the $7 mark, but sellers once again took control.
The RSI currently stands at 54, indicating a death crossover between the RSI and the RSI-based moving average. Although the TON price had been consistently above the 20-day EMA, it has now fallen back to the EMA.
Toncoin Witnessed a Double-Top Pattern
On a daily basis, the Ton crypto price has formed a double-top pattern. Despite nearing an all-time high on two occasions, sellers appear to be in a weak position, causing the price to drop to the 20-day EMA.
If the Toncoin price falls below the 20-day EMA, it could potentially decline to the significant support level of $4.80. A strong selling pressure may emerge if the TON price begins trading below the $4.80 neckline.
Based on the technical chart, the Toncoin price will likely encounter resistance at $7.50, a major level, and $8.00. Support levels are expected at $4.66 and $3.72.
The Toncoin price is currently trading at $6.50, reflecting a 1.17% loss over the past 24 hours. The market capitalization is $22.60 billion, with a 24-hour trading volume of $322.49 Million. The circulating supply is 3,474,242,873 TON, and the total is 5,106,728,017 TON.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
