Toncoin (TON)
Toncoin (TON) experienced significant movement in the market today due to its partnership with Telegram. After reaching a low of $1.73 on Tuesday, TON/USD saw a surge and reached an intraday peak of $1.95 earlier today. This increase led to a 13% rise in toncoin’s value, approaching its recent high of $2.05.
However, the relative strength index (RSI) encountered resistance at the 66.00 level, causing the earlier gains to fade and TON is currently trading at $1.93. In order for toncoin to surpass $2.00, it needs to break through this RSI ceiling.
Stellar (XLM)
In contrast, stellar (XLM) experienced a decline of over 8% during today’s session. XLM/USD hit a low of $0.1195 on Wednesday, less than 24 hours after reaching a high of $0.1318. This drop marks the token’s third consecutive day of decline and it has fallen below the support level at $0.1200.
The sell-off appears to be correlated with the RSI failing to stay above the support level at 49.00. Currently, the price strength is at 44.53 and the next stable zone is expected around the 37.00 region. If XLM reaches this level, it is likely to trade below $0.1100.
Hot Take: Toncoin Surges While Stellar Declines
Today, Toncoin experienced a significant surge in value following its partnership with Telegram, whereas Stellar faced a notable decline in price. Toncoin’s rise was hindered by resistance at the 66.00 level on the RSI, while Stellar’s decline was influenced by the RSI falling below the support level at 49.00. Moving forward, Toncoin needs to break through this resistance to surpass $2.00, while Stellar may continue to decline towards $0.1100 if it reaches the 37.00 region.
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