Toncoin (TON) Slumps Over 7%; End of Bullish Momentum?

• Over the last several weeks, Toncoin (TON) has shown a strong upward trend.
• The TON price still has a strong positive trend despite today’s pullback.

The Open Network’s native cryptocurrency, TON, has risen to the tenth spot in market value, overtaking Tron (TRX). This follows TON’s recent surge, which has sent the token up more than 24% in the last 7 days, as measured by statistics from CMC.

The debut of Telegram’s TON blockchain-based self-custodial digital wallet is largely responsible for this trend. The development was shared during the Singaporean Token2049 conference.

TON Storage, TON Proxy (a decentralized VPN service), and the TON naming system are only a few of the many services available on The Open Network. Customers use the TON token as payment for these services.

Defying General Market Trend

Over the last several weeks, Toncoin (TON) has shown a strong upward trend. Yesterday, the cryptocurrency continued its rally, reaching a new multi-month high of $2.60. The cryptocurrency has been defying the general market trend with its strong bullish momentum for quite some time. Today, however, it has declined by 7.24 percent.

At the time of writing, the price of TON is $2.32 as per data from CMC. Moreover, the trading volume is down 14.99%. If the price manages to go above the recent high of $2.60 then it is likely to start a fresh rally. However, if the price goes below $1.95 support level then it is likely that the price will go all the way till $1.63 level.

The TON price still has a strong positive trend despite today’s pullback. However, prospective investors need to keep a careful eye on the token’s critical levels, as well as the general market mood.