Despite the market downturn, Telegram's native coin (TON) is thriving, particularly after a staggering $900 million in trade activity in the last 24 hours.
Find out what the newest TON price research has to say about the future of Toncoin and how it may change in the coming weeks by reading this article. Plus, this week, the crypto community will find out about a viral presale.
The news follows increased interest from venture capitalists and other institutional investors in TON, which has since partnered with Binance's Launchpad initiative to foster the growth of the Toncoin ecosystem.
Is Toncoin About to Experience a Massive Price Explosion?
Toncoin is now trading at $6.68 on the market, reflecting a move of -3.09 percent over the last 24 hours, as its price struggles to break through a significant upward barrier level.
With a +$900M increase in trade volume, TON has skyrocketed, but all attempts at an upward breakout have been dominated by a long-standing historical resistance level at $6.88.
On August 13, when price action resumed its upward trajectory and recaptured the 20-day moving average (DMA), which is now offering lower support to price action at $6.33, trader interest reached its pinnacle.
The next probable stop for TON bulls is the $6.9 support level, as they aim to break over the $6.88 resistance level.
This is also expected to happen in the next several days, as the Relative Strength Index (RSI) is still indicating the potential for more price increases (current reading: 52.19).
In sum, looking in the immediate term, TON price has the potential to rise to $6.9, which would be a move of 3.5% from its current level.
The 20-day moving average (DMA) supports $6.33, which may be a -5.1% drop if the market continues to decline.
A short-term risk-reward ratio of 0.68 for Toncoin indicates a poor entry point at the tail end of a rebound pump.
This is not a market without of chances, though TON may not provide a large margin in the near term. Of them, Pepe Unchained stands out as one that deserves attention in August.
