In an analysis posted on TradingView, trader “tradecitypro” highlighted the compelling fundamentals and technicals surrounding Toncoin (TON), the native cryptocurrency of the TON network. The analyst outlined several reasons why TON could be poised for success and offered insights into potential accumulation strategies.
Toncoin’s TON Fundamental Strengths
According to the analyst, Toncoin’s fundamentals are bolstered by several factors, including the vast user base of nearly 900 million active Telegram users who could potentially join the TON network. Additionally, with Telegram’s backing, TON has the potential to become the first “super crypto application.”
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The analysis also cited the strong community potential brought in by a subsidiary project within the TON network and the vision of Telegram founder Pavel Durov, who promotes decentralization and freedom. Furthermore, the ease of integrating TON’s in-network payments into daily life and the open-source nature of the TON blockchain, which allows for easy project launches, were highlighted as strengths.
Potential Risks: While acknowledging Toncoin’s strengths, the analyst also noted the potential risk of TON’s heavy dependence on Telegram, stating that any issues with the messaging app could significantly impact the cryptocurrency.
Toincoin Technical Analysis and Accumulation Strategies
On the technical front, the analysis examined Toncoin’s recent price action. After a parabolic move from $2.50 to $7.140, TON entered a corrective box range between $7.140 and $4.800. The analyst suggested two potential buying strategies:
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Breakout and Stabilization: Buy after a breakout and stabilization above $7.140, with a stop loss set below the box range.
Support Levels: In case of a correction, consider buying if the price falls to the $4.2 or $3.4 area (Fibonacci levels 0.5 and 0.707, respectively), provided there is a good reaction.
For long-term holders who bought at $2.50, the analyst recommended continuing to hold, while those feeling uncomfortable could set a stop loss below $4.8.
Disclaimer: It’s important to note that the information provided in the analysis is for awareness purposes only and does not constitute financial advice. Investors are encouraged to conduct their own research and make informed decisions based on their individual risk tolerance and investment objectives.
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The post Toncoin’s Fundamentals and Technicals Looking Promising: Best Ways and Prices to Accumulate TON Tokens appeared first on CaptainAltcoin.
