Toncoin (TON) has exploded in recent weeks, after a huge project announcement saw the Web3 blockchain decouple from market downside moves, but with price now in retracement – is Toncoin going to zero?
The explosive price action – which pushed TON into the top 10 – comes following the news that popular messaging app Telegram have endorsed the TON network – in a move that positions Toncoin to capture huge Web3 market-share.
This comes as Telegram increase their prominence in the crypto space, beyond merely playing host to numerous crypto and project discussion groups, but now also hosting rapidly emerging Telegram trading bots.
TON Price Analysis: Is Toncoin Going to Zero Post-Telegram News?
Following the phenomenal project announcement – price action has been invigorated with a dramatic +38% move to the upside in just 7-days, leaving TON currently trading at a market price of $2.42 (representing a 24-hour change of +4.79%).
This comes as price action stalls around $2.40 – which acted as a level of resistance and support for TON earlier in the year.
Critically, the sudden upside move has left TON trading high above moving averages – with the 200DMA sat down at $1.80 and the 20DMA left in the dust at $1.91.
In a magnificent display, the push-up created a so-called ‘golden cross’ on September 15, as Toncoin’s 20DMA overtook the 200DMA.
With price action breaking away, this growing divergence between price and MA levels could trigger a much-needed period of consolidation, or, even retracement to re-test lower support.
This view receives further confirmation from the RSI, which has over-heated significantly on the recent rally to show an overbought 73 with major bearish divergence indicating a need to retrace and consolidate.
However, following the golden cross, the MACD remains firmly bullish at 0.0111 – suggesting TON is unlikely to slow-down anytime soon.
Overall, with improving fundamentals for the ecosystem, TON appears strong – with price action currently calming down from a dramatic upside move.
Upside potential here could see TON push higher to break upper trendline resistance at $2.60 (a potential +6.9% move on the short-time frame).
However, downside risk has grown more prominent here, with a need to consolidate opening the door to a potential retracement back to lower support at $1.99 (a possible -18.15% move).
This leaves TON with a risk: reward ratio of 0.38 – a late-entry to the current rally at a moment that could see Toncoin retrace significantly.
While the risk: reward paints a negative view on the short-time frame, it is unlikely TON is going to zero anytime soon, and is likely to appreciate in value on a long-time frame given the attractive fundamental news from Telegram.
Bitcoin Derivatives Explode +$2.6M as WholeCoiner Hopes Fuel Bitcoin BSC
On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term “Bitcoin derivative” might raise eyebrows, here’s what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.
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Seize the Moment: The BTCBSC Presale Surges to $2.6m+ Raised in First Week
Now comes the crux: the BTCBSC presale -a limited-time opportunity, the presale offers 29% of the total token supply to early participants at a tantalizing price of $0.99 per token.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.