How are the coins Toncoin (TON), Tron (TRX), and FTX (FTT) performing within the crypto market? Let’s see in this article the latest updates regarding their prices and the news concerning them.
Toncoin (TON): resistance at $5.96 and possible consolidation ahead
The crypto Toncoin (TON), despite the attempt to overcome the key resistance of $5.96, has encountered difficulties in maintaining the momentum necessary to turn this level into new support.
The altcoin, after reaching $5.81, failed to break the psychological barrier of $6.00, which remains a crucial objective for bull investors.
The recent decline in bullish momentum is highlighted by the MACD (Moving Average Convergence Divergence) indicator, which shows signs of weakening.
The green bars on the histogram are decreasing, indicating a potential slowdown of the positive momentum. However, as long as the MACD remains above the neutral line, a definitive bear reversal is not expected.
A positive factor for Toncoin is the reduction in the dominance of short-term investors, which has fallen by 11% in the last ten days.
This change is significant because it reduces the possibility of strong sales by speculators, thus stabilizing the price of the cryptocurrency and reducing the risk of an immediate correction.
If Toncoin manages to turn the $5.96 level into support, it could trigger a rally towards new milestones, with $6.36 as the next target.
However, if the cryptocurrency fails to surpass this resistance again, it could enter a consolidation phase, oscillating between $5.37 and $5.96.
In conclusion, Toncoin is in a position of uncertainty, with possibilities for both recovery and consolidation depending on the evolution of the bull momentum in the coming days.
TRON facing a crucial resistance: potential momentum or retracement?
In recent months, TRON has gained momentum thanks to the growing adoption of its network and an increasingly widespread use.
However, the price of TRX currently seems to be stuck in front of a key resistance, oscillating around $0.15, while the bulls are trying to trigger a new rise.
Despite the constant growth in recent months, the bull momentum has slowed down, with the price recently bouncing off the support at $0.147 but failing to gain the necessary push to break the $0.155 barrier.
This consolidation phase has made TRX less attractive compared to other altcoins that have seen more significant gains during the last month.
Technically, TRX is in a reaccumulation phase and faces minor resistance at $0.155.
Exceeding this threshold could give the bulls the necessary control to initiate a broader movement, aiming for a test of the $0.1617 level. Subsequently, it could target the fundamental resistance of $0.17, near last month’s high.
If TRX manages to overcome this last barrier, it could push towards the all-time high of $0.18, paving the way for further upside.
At the moment, there are no signs of a significant decline. However, in the event that the price falls below the support of $0.147, the key levels to monitor would be $0.1395 and $0.13. These could indicate a deeper retracement.
In summary, TRON is in a crucial position. Overcoming the resistances could trigger a new rally, while a potential decline could lead to a retracement towards lower support levels.
The price of the crypto FTT in comparison with TON and Tron
After months of uncertainties, the FTX token (FTT) has seen an unexpected rise, fueled by rumors about the upcoming reimbursement to the creditors of the exchange.
FTX, once among the largest cryptocurrency exchanges, declared bankruptcy due to serious legal violations, including the misuse of user funds.
This crash caused the value of FTT to plummet from a high of $85.02 to a historic low of $0.7763 about a year ago.
Today, however, the price of FTT has recorded a significant increase, rising by 60% and reaching $2.35.
This sudden rise was triggered by rumors on social media regarding FTX’s plan to distribute 16 billion dollars to creditors, a fact that sparked a wave of optimism among investors.
Crypto Rover, a popular influencer in the cryptocurrency sector, stated that the reimbursement process could start soon, possibly within a few days.
However, despite the widespread enthusiasm, there is still no official announcement from FTX or the legal authorities.
The trading volume of FTT has risen by 2000% in the last 24 hours, reaching over 361 million dollars, contributing to a significant boost in the price and market capitalization of the token.
Despite the hype, there are still doubts about the actual start of the refunds.
According to some sources, the FTX distribution plan could be implemented after the legal hearings scheduled for October, November and December 2024.
If approved, the plan could allow the first payments by the end of the year, but only for amounts less than $50,000, while for larger sums it will be necessary to wait until 2035.
