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Toncoin (TON) Investors Load Up Their Bags As Majority Of Cryptos Nosedive

Toncoin (TON) has showcased healthy market status since the end of last week. According to historical data from TradingView, it witnessed a consecutive bullish trajectory from August 11, 2023, until today, August 16.

The upward movement drew the attention of investors, resulting in a price increment of over 12% gain in the past seven days. Notably, the latest developments within Toncoin’s ecosystem could be the reason for the market uptick in the past few days. 

However, TON’s market value today, August 16, is $1.44, representing a price drop of over 2% in the last 24 hours. With this current price, the asset is almost 19.7% up in the past 14 days, 7% in 30 days, and 17% in the past year. 

Related Reading: Best-Selling Author Touts Buy XRP Now, But This Price Is Crucial

Recent Development Within Toncoin Ecosystem Pushes TON’s Value

There have been a lot of events on Toincoin’s ecosystem attracting massive investor attention and investment. Today August 16, Toincoin shared a post on X about its Indonesia event in Bali slated for August 23, inviting the crypto community to join. 

Also, on August 14, Toincoin shared another update on expanding its ecosystem globally through the X platform. Toincoin shared that it has taken another step to increase its global reach by launching the network’s website in Ukraine.

This move shows the project’s commitment to increasing the asset’s adoption. Also, the team behind the TON projects wants to discover how Web3 teams could easily sign documents in Telegram. 

In its X post, the team behind TON wrote:

For those who will be in Lisbon this Thursday, August 17, TON Society Europe is kicking off its journey with an exciting offline event.

TONUSD price chart

Earlier on August 11, the TON community, via its X handle, shared a tweet from a known payment gateway for cryptocurrencies, NOWPayments. 

The report noted that the payment service had incorporated TON into its technology to enable a seamless non-fungible token checkout from different marketplaces.

This announcement triggered a rise in the market value of TON, verifiably from historical data on TradingView. From the data, the digital asset kick-started its bullish trend on the same day the news was announced. 

It recorded a price gain from $1.259 to $1.302, reflecting a positive price change of about 3.4% in 24 hours. As the news spread, investors filled their portfolios with TON, despite the price decline of some other crypto assets.

Related Reading: SEI Token Breaks Into Top 100 One-Day Post-Debut On Major Exchanges

Toncoin entry into the NFT sector could have been the reason for the continued purchase of more TON tokens. Investors are hopeful that the digital asset’s value will appreciate in the future because of NFTs.

These new updates contributed to the positive market sentiment after the association with NOWPayments triggered the price gains.

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Toncoin Solid Climb: Price Spikes By 21% In Surprise Burst

Toncoin (TON) recently saw a remarkable breakthrough, shattering its month-long consolidation phase and providing a glimmer of hope for traders.

The coin, which had been confined within a price range of $1.31 to $1.49, broke free from this range-bound pattern, but not without facing its share of challenges.

During the consolidation phase, Toncoin exhibited multiple instances of attempting to breach the crucial $1.50 mark. These efforts sparked optimism among bullish market participants, hinting at a potential upward trajectory. 

However, despite their persistence, the coin fell short of breaking through the psychological barrier and ultimately retreated below it.

Toncoin Bears Stand Strong But Caution Persists

The latest price data reveals that Toncoin reached $1.46, accompanied by a 4.7% rally in the past 24 hours and an impressive seven-day surge of 20.9%. While these numbers might appear promising, a deeper examination of market dynamics suggests a more cautious sentiment among traders and investors.

The enduring resistance from bearish market forces underscores the prevailing sentiment that the cryptocurrency market might not be fully prepared to sustain an extended climb beyond the $1.50 mark at this juncture.

Despite the spirited efforts by the bullish side, the bears have managed to maintain their stronghold, prompting a sense of prudence among market participants.

Visualizing the price movement and volatility, a chart in a recent price report juxtaposes Toncoin’s fluctuations over the past 24 hours with its movement throughout the past week.

Bollinger Bands, represented by gray bands on the chart, indicate the volatility of both daily and weekly price actions. A wider gray area signifies higher volatility, emphasizing the market’s response to Toncoin’s price shifts.

Volume And Circulating Supply Dynamics 

The recent surge in Toncoin’s trading volume, climbing by an impressive 60.0% over the past week, aligns directionally with the overall circulating supply of the cryptocurrency. Notably, the circulating supply expanded by 0.29%, reaching a total of 3.44 billion.

This synchronicity between trading volume and circulating supply underscores the intricate interplay of supply and demand dynamics in influencing Toncoin’s market performance.

As Toncoin breaks free from its month-long consolidation and tests the $1.50 mark, the market is at a crossroads, torn between bullish aspirations and prevailing bearish resistance.

The cryptocurrency’s recent price movements highlight the nuanced nature of its journey, where small fluctuations carry significant implications for traders and investors alike. 

While the path ahead remains uncertain, market participants continue to watch closely for signs of sustainable momentum that could propel Toncoin to new heights.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock 

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Toncoin (TON) Throws Weight Around To Lead Weekend Top 20 With 22% Rally

The dynamic and ever-evolving blockchain community has shown a great deal of interest in and enthusiasm for Toncoin (TON). Due to its technological underpinnings and innovative answers to the long-standing problems that have plagued the field of decentralized finance, this digital money has risen to popularity very quickly.

At the time of writing, TON was trading at $1.46, registering an impressive 10.4% increase in the last 24 hours. Equally impressive is the crypto’s price rally in the last week, when it registered a 22% climb, data from crypto market tracker Coingecko shows.

Just lately, the price of Toncoin broke out in a big way, separating itself from a 30-day consolidation. During this period of consolidation, prices moved inexactly between $1.31 and $1.49, showing a restricted and steady trading range.

Toncoin Shows Signs Of Resilience

Several times throughout this period of consolidation, the cryptocurrency showed signs of trying to rise beyond the $1.50 barrier, which may have suggested a possible upward trend. However, bullish market forces were unable to push the price over the $1.50 level, and the price ultimately closed below that level.

The continuation of these adverse influences indicates that traders and investors are currently exercising caution. The bears’ stubbornness implies there’s a widespread view that the market can’t handle a prolonged rise above $1.50 just yet.

Toncoin At A Glance

The Open Network, or TON for short, is a layer-1 blockchain that is both decentralized and fast. Established in 2018, it is a proof-of-stake (PoS) network that has gained massive adoption among crypto users for its lightning-fast transactions.

TON set out to do some very big things, like simplifying transactions inside of Telegram. However, it encountered difficulty at every turn of its path.

Despite the project’s initial focus on Gram, its native digital currency, it ran into trouble when the US Securities and Exchange Commission pointed out Telegram’s failure to register a substantial preliminary $1.7 billion Gram token sale.

Possible Revisit Of Resistance Level

This regulatory worry caused a brief halt in Gram sales, and the unrevealed offering ultimately led to a legal setback. Simultaneously, a slew of cyberattacks cast a pall over the TON’s appeal.

Meanwhile, the present market structure indicates that the Toncoin price may revisit the resistance level of $1.49 if bulls can push prices above the support turned resistance of $1.31.

For this to be even remotely credible, a candle closure over $1.31 would be required. If the TON price, however, rejects $1.31, it may return to the current support level of $1.17.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Hello Subscription

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Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Toncoin (TON) has experienced a negative price decline, resulting in a bearish sentiment among investors of the altcoin. TON has been exhibiting a bearish strength on a monthly timeframe, based on data from CoinMarketCap. 

Within the last 30-Day trading session, the asset is down by 15,67%, indicating a high bearish strength with low buying pressure.

As of the time of writing, the asset is experiencing a decline in value, as it’s down today by 2.76%. This downward trend has resulted in the asset, TON, reaching a low point of $1.91. 

The decrease in value reflects a temporary setback in the market, indicating a decrease in investor confidence. It also detects a shift in the supply and demand dynamics surrounding the asset.

Toncoin (TON) Bears Maintained Their Positions

Toncoin (TON) witnessed a sharp price decline on May 23, from $2.03 to its present value of $1.89. This price decline represents a loss of 6.89%.

This decline reflects the dominance of bearish sentiment in the market, which shows a lack of investor confidence and a shift in the supply and demand dynamics.

According to the market sentiment indicator, the current market sentiment is bearish, while the Fear & Greed index value is a neutral 49. Notably, a Fear & Greed index value below 50 points to an increase in bearish momentum.

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Conversely, an important resistance level is noted at $2.080, representing a significant hurdle for potential upward movement. 

Toncoin trades below the 50-day and 200-day Simple Moving Average (SMA). The SMAs formed a Death Cross in the TON market on May 21, 2023. 

This confirms the bearish sentiment present in the market, indicating a potential sell signal and further price decline.

The Relative Strength Index (RSI) momentum oscillator value is 40.98 and points downwards. RSI is a popular indicator showing whether a cryptocurrency is oversold or overbought. 

If TON RSI drops below 30, it may ignite high selling pressure and further price decline.

TON Demand Index and Bollinger Bands Signals Bearish Activities

The TON/USDT trading pair demand index is at -0.449, suggesting relatively weak demand for the asset in the market.

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Note that a demand index below zero is generally considered a lack of buying pressure. It also indicates that the selling pressure outweighs the buying interest.

In addition, the asset is heading toward the lower part of the Bollinger Bands indicator. This suggests an increase in selling pressure and high bearish momentum.

Featured image from Pixabay and chart from Tradingview.com

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Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn

Toncoin is trading in the red today, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today’s price slump. 

TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today. 

TON’s Movement Suggests A Bearish Trend Ahead

TON is in a downtrend, forming a red candle. It has dropped below its 50-day Simple Moving Average (SMA), confirming the bearish trend. Also, TON’s Moving average Convergence/Divergence (MACD) is below its signal line and shows a negative value, which is also bearish sentiment.

The Relative Strength Index (RSI) is 42.65, dropping out of the neutral zone as it approaches the oversold region 30. The indicator is also moving downwards, reflecting the pressure from the bears.

TON’s price will likely decline till it rests on its nearest support level and the bulls rally again. Moreover, TON’s 200-day SMA shows a long-term bullish sentiment.

Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn

TON is just above the $1.8422 support as the bears mount pressure. A decline below this level will cause a price drop to $1.7525, its next support level. The bearish pressure at the $1.9918 resistance led to the current price drop for the asset. TON will likely continue its downtrend in the short term. 

Recent Development Trends On Toncoin Network Likely To Influence Its Price

The Ton Foundation announced the latest network developments in a blog post for community members. These developments could lead to a positive price action soon. 

Ton Wallet For KaiOS: Ton Wallet is currently available for KaiOS users. KaiOS is the world’s third largest operating system (OS), functional in over 160 million devices. This wallet enables users with low-specification phones to work on KaiOS, mostly Asian, African, and South American users.

Ton.Ski Ecosystem: This consists of various applications combined on the network. Agorata helps users create TON DNS subdomains and build and host simple TON sites. Also, Nonstorage allows users to upload files to TON storage through a web interface, making contracts with storage providers.

Monitoring Platform: This enables users to create projects, view messages, and add contracts in the TON community.

EVAA Protocol: This is the first decentralized lending protocol on the network giving users access to borrow native or wrapped assets directly.

Ton.app: It is an open-source marketplace for Ton apps already existing in the ecosystem. Also, users can submit proposals for projects to feature on this app.

These innovations could help TON’s price action if more users adopt the tokens based on utility and value. However, there are no guarantees of a price increase since cryptocurrencies are volatile.

Featured image from Pixabay and chart from Tradingview

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Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

Recently, the price of Toncoin (TON) witnessed a rapid decline, causing investors and traders to worry about the asset’s potential. The bear’s refusal to surrender control can cause TON’s price to drop, increasing the negative market sentiment around it. 

The entire cryptocurrency ecosystem is always volatile and unpredictable, with many price fluctuations based on various factors.

Toncoin (TON) Witnessed A Sharp Price Decline

After a slight bullish movement, a bearish momentum returned to the Toncoin (TON) market as the price fell by approximately 15.182% to a value of $2 on April 17, 2023.

However, today the bulls are gaining momentum in the market as the price of TON has increased by 5.88% to $2.0 within the last 24 hours trading session.

Notably, the 24-hour trading volume is up today by 22.76%, reaching $16 million. This indicates significant buying and selling activities, which may increase price volatility. Despite the recent pressure from the bulls, the bears may still control the market for a longer timeframe.

According to the market sentiment indicator, the current market sentiment is bearish, while the Fear and Greed index value of 50, Neutral.

Toncoin (TON) Price Analysis

TON trades below its 200-Day and 50-Day Simple Moving Averages (SMA). This suggests the market sentiment is bearish, keeping the selling pressure higher than the buying pressure.

It also indicates that the bears are pushing the price to cause a potential downtrend in TON price movement both in the long and short term.

The Relative Strength Index oscillator is currently showing 41.82, neutral. This indicates the market is now in the neutral zone; no pressure from any trend exists.

Lastly, the Moving Average Convergence Divergence (MACD) indicates bearish price movement as it is below the signal line. The massive pressure from the bears has caused the histogram to be below zero, confirming the bearish momentum.

Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

TON is trading between its primary support level of $1.768 and resistance level of $2.099. The next significant support and resistance levels are $1.284 and $2.379, respectively.

Recent Development In The TON Ecosystem

Recently, TON published made a press release about the TON Foundation’s approved grant recipients for Round 1 of 2023 Q2.

This development will bring significant value to TON by improving the visibility of TON-based applications, enabling o-chain lending, and providing on-chain contract management.

The project will also introduce new user-friendly utilities for TON core services and will expose Toncoin (TON) to a larger audience through TON wallet integration with KaiOS.  All these events will increase demand for TON, which may affect the price positively.

Featured image from Pixabay and chart from Tradingview

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Toncoin (TON) Leads Market Gains With Over 27% In A Week

Toincoin is trading at $2.30, gaining 10.61% in 24 hours. The price change in this period is 0.3172. The 24-hour low is $2.05, while the 24-hour high is $2.37.

Despite the recent events in the crypto space, TON has enjoyed a positive price surge today, recording gains in a volatile crypto market.

The trading volume is up by 40% at $66,552,790. According to CoinMarketCap, its market capitalization stands at $2,808,494,330.

TON is currently ranked number 22 on the crypto market list showing massive investor attention. Its affiliation with Telegram has also helped the project to soar in popularity even if it has been rebranded.

Although the TON coin is still some way off its all-time high value of $5.84, it has enjoyed a positive week and might close 2022 on a high note.

What Is Behind Toncoin’s Price Gains?

Toncoin is a decentralized blockchain (layer-1) built by the developers of the popular social messaging app Telegram.

Toncoin utilizes a proof-of-stake mechanism which has increased its adoption time. This mechanism encourages investors to profit by staking their tokens for rewards rather than going through the rigors of mining.

Toncoin price has seemingly surged due to investors rekindling their interest in the project. The Network uses sharding to operate its blockchains and is efficient and scalable.

While the crypto winter has persisted and with the dip in bitcoin, investors are looking to diversify. Also, the general crypto market has seen little gains in the last two weeks despite investors’ fears.

TONUSDT
TON Likely To Sustain Its Rally 

TON’s support levels of 1.123 and 1.572 have been held. TON has broken through the resistance level of 1.835 with 2.998, the next level it will likely surpass. Overtaking the next resistance level will launch Toncoin into a full bull run.

TON is currently trading above its 50-day and 200-day SMA. This shows that the assets’ short-term and long-term price movements are positive. The formation of long green candles on the chart’s right side indicates the bullish pressure.

The RSI reading is firmly in the overbought region at 72.48, meaning the asset is giving off a strong buy signal for investors. 

The MACD (Moving Average Convergence/Divergence) is above its signal line and displays the positive price movement on the chart.

TON will likely sustain this pressure and finish the year strong if the bulls don’t back out or a major market capitulation. Most crypto assets have fluctuated in the past weeks but are slowly beginning to show signs of life.

Toncoin’s usability, scalability, and fast transaction times will likely see its increased adoption in the coming months. 

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Toncoin (TON) Leads Top Gainers In Last 7 Days

The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%. 

Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.

Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?

In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.

It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.

The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.

TONUSD

TON’s price currently stands at $1.42. | Source: TONUSD price chart from TradingView.com

Traders Aren’t Bullish On Toncoin 

The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time. 

But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON. 

As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.

Featured image from Pixabay and chart from TradingView.com