TonCoin (TON) has experienced a bullish trend recently, gaining 13% and reaching a swing high of $2.17. This is surprising considering the struggles of the DeFi market. TON has seen impressive growth of 50% in the last 30 days. Currently, the price of Toncoin is $2.05 with a trading volume of $40 million in the last 24 hours. Trust Wallet Token (TWT) is the second biggest gainer with a 4% increase, followed by OKB with a 2.5% increase, Apecoin with a 2% increase, and Hedera (HBAR) with a 2% increase.
The Toncoin Foundation recently announced its partnership with Elliptic to improve network security. Elliptic will help screen wallet addresses and identify malicious activities to ensure the safety of Toncoin listings on new exchanges. This partnership aims to safeguard and expand the TON community after integrating with Telegram.
While TonCoin has seen positive price movement, some investors and analysts remain skeptical about its ability to sustain this recovery. Resistance at $2.5 is seen as a significant obstacle, and some investors are looking to buy Toncoin at lower prices, such as $1.5.
TonCoin’s market performance shows a struggle, but it remains bullish as it trades above major moving averages. The token recently broke out above the 50-day and 100-day Simple Moving Averages (SMA). The Relative Strength Index (RSI) indicates more buyers than sellers in the market, and there is strong support for TonCoin around $1.97 to $2.01.
A decisive daily candlestick close above $2.1 could lead to an extended uptrend, with resistance levels at $2.14 and $2.17. If these levels are surpassed, investors may target highs around $2.6, resulting in a 25% increase from the current price. However, caution is advised as the RSI is turning down, and a retracement could occur if upward momentum is lost.
TonCoin Alternatives is gaining attention as the first fully decentralized mining solution based on cloud computing. Investors are intrigued by the stake-to-mine feature, which could alleviate selling pressure and incentivize long-term adoption. The presale has already raised over $1.7 million, exceeding its initial fundraising goal of $15.6 million.
In conclusion, TonCoin has experienced a bullish trend recently, but some investors remain skeptical about its sustained recovery. The partnership with Elliptic aims to improve network security, and there is strong support for TonCoin around $1.97 to $2.01. If resistance levels are surpassed, further gains could be expected. Additionally, TonCoin Alternatives is gaining attention as a decentralized mining solution.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.