The TON Price Gains: What’s Driving Them?
The TON price has seen a 4.54% increase in the last 24 hours, reaching $1.28. In the past week, it has gained 7.58%. This surge could be attributed to several factors:
- Massive increase in developer involvement, up to 102% in 2023, indicating growing interest in the Toncoin network.
- Events within the ecosystem, such as the DoraHacks Hackathon, TON Wiki Challenge, and TON Grants program, boosting community engagement.
- Positive response to challenges like the TON Wallet challenge, TON Wiki Challenge, and TVM challenge, with developers competing for prize pools.
- TON Grants program supporting 34 projects with funding, which will contribute to the ecosystem’s growth once completed.
These strategic programs are transforming TON into a hub for developers, driving increased activity on the network and leading to price gains.
Can TON Reach $2?
However, despite the recent price gains, TON faces bearish pressure in the short term:
- Trading below its 50-day and 200-day Simple Moving Average (SMA), indicating a bearish sentiment.
- 50-day SMA about to drop below the 200-day SMA, forming a Death cross, further confirming bearish pressure.
- Relative Strength Index (RSI) close to the oversold region, showing price volatility for the asset.
- Moving Average Convergence/Divergence (MACD) below the signal line, expressing a bearish sentiment.
Despite some short-term indicators suggesting a possible price surge, the overall bearish pressure makes it unlikely for TON to sustain its rally. Bears may exert more influence on the price in the coming days.
Hot Take:
TON’s recent price gains can be attributed to increased developer involvement and strategic programs within the ecosystem. However, the bearish pressure indicated by technical indicators suggests that the rally may not continue in the short term. Investors should be cautious and closely monitor the market before making any decisions regarding TON.
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