TON comes as a disappointment regardless of its big rally before. Even with Telegram’s new integration with Toncoin, the price is unlikely to rise.
Tincoin has maintained a good momentum since March except for a dip to $4.61 in early May. However, TON managed to make a huge peak earlier where the price has not only recovered but is 3X higher than its data from three months ago.
At the time of writing, the price of TON is experiencing major volatility where the price fluctuates between $6 to $6.7 instead of rising to the $7 mark earlier predicted. Right now, Toncoin is trading at $6.36, aiming for a recovery from this volatility.
In the last 24 hours, the price has increased by barely 0.14%, and the same is true for the week’s data, which shows the volatility of the TON price.
So will the price of TON recover, or will it decline? Let’s discuss it in this blog.
Factors that will decide the TON price.
Tincoin has a lot going around, which will decide how the charts will move for this cryptocurrency. For starters, Telegram has again negotiated with TON, where the network is launching a new token, Stark, for bot and money application payments on the social media platform.
Stark will be launched on June 12, and users can purchase the token directly from the App Store or Google Play Store but with a service fee of 30%. Additionally, Telegram will convert this service fee into TON, which could be a significant factor in increasing the value of TON.
On the other hand, TON exchange inflows have increased of late, indicating more selling pressure on the cryptocurrency. Moreover, its supply on the exchanges has decreased, another indication of the selling trend by investors.
The TON price chart is also supporting the same as the price has been stuck in a loop for over a week without any progress.
Will TON recover or crash?
Despite greedy market sentiment in favor of a bullish crypto market, the risk of TON falling is high. Technical indicators indicate a bearish presence in the tincoin price chart with a decline in the MVRV ratio and a significant decline in the Money Flow Index (MFI).
Finally, the Relative Strength Index (RSI) is following a bearish trend with an indication that if the trend continues, the price will break below the $5.9 mark or even lower.
However, if TON rises above the support level, the price can easily hit $7 before passing the ATH. Additionally, analysts have talked about the possibility of TinCoin price rising to $10 in the coming days based on May’s performance and a possible altcoin rally.
