- Toncoin is currently seeing a bullish outbreak in the patter. The next resistance can be seen near $2
- Technical Indicators of TON are favoring the upside move. TON/BTC pair has seen a gain of over 2%
Ton is a layer-1 decentralized blockchain developed in 2018 by the popular social media app Telegram.The project was then abandoned and taken over by Ton foundation and was later renamed as “The Open Network”. The blockchain platform was originally created by Nikolai and Pavel Durov and then further developed by Telegram Team. Ton has multi level structure of sharding which involves the use of multiple subnets where each subnet has a specific purpose. It is a community driven protocol with a flexible architecture and focus on their customers. Toncoin transactions per second has seen a strong growth in the past few years.
Toncoin is currently ranked 25th in the cryptoverse and has a market dominance of 0.27%. Toncoin is currently down by more than 60% from its all time high. The current market cap of TON is around $2.2 Billion. Volume of the asset price has seen an increase of over 5% in the intraday session. Volume to market cap ratio of the coin suggests a consolidated trend in price.
Bulls Of TON Are Ready For A Big Move
Toncoin is seeing a weak upside trend from the past few months. The weekly technical chart of TON suggests a consolidated upside move for the future. On coming to the daily chart the coin price is trading near the value of $1.8 with a gain of 2.2%.The upside trend of TON can see a halt near $2.2. Meanwhile the support of the asset price can be seen near $1.25. The asset price is currently trading above 50 and 100 Daily Moving Average. There can be a positive crossover in the future which can push the price to a new high.
Conclusion
Toncoin is currently looking to push beyond $4 in the future. TON price is currently in a consolidated trend but can move to a new high in the future.
Technical Levels
Major Support:$1.25
Major Resistance:$2.2
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.
Source: https://www.thecoinrepublic.com/2022/12/10/toncoin-price-analysis-ton-price-slowly-gains-momentum-to-cross-4/