Despite a significant rally earlier, TON has been disappointing recently. Even with Telegram’s new integration with Toncoin, a substantial price surge seems unlikely.
Toncoin has shown strong momentum since March, with a brief drop to $4.61 in early May. Despite reaching a peak and tripling in value from three months ago, TON’s price is currently unstable, fluctuating between $6 and $6.7. It is currently trading at $6.36, aiming for recovery amid minimal gains of 0.14% in the past 24 hours and throughout the week. The uncertainty leaves the question open: will TON recover or face further declines?
TON Faces Mixed Signals Amidst Telegram Integration and Market Pressures
Toncoin is navigating a complex landscape with various factors influencing its trajectory. Telegram has re-engaged with TON, introducing a new token called Stark for bot and mini-application payments on its platform, set to launch on June 12. Users can purchase Stark directly from app stores, albeit with a 30% service fee converted into TON by Telegram, potentially boosting TON’s value.
Simultaneously, TON is experiencing increased Exchange Inflows, signaling significant selling pressure. Furthermore, there’s a decrease in TON’s supply on exchanges, indicating investor tendencies towards selling.
The TON price chart reflects this uncertainty, with the cryptocurrency stuck in a consolidation phase without a clear breakout for the past week.
TON Faces Bearish Signals Amid Greedy Market Sentiments
Despite overall bullish sentiment in the crypto market, TON appears vulnerable to decline. Technical indicators point to bearish conditions in Toncoin’s price charts, including a decrease in the MVRV ratio and a significant downturn in the Money Flow Index (MFI).
The Relative Strength Index (RSI) is also trending downward, suggesting a potential drop in price to around the $5.9 mark or lower if the trend persists.
However, if TON manages to hold above key support levels, there’s potential for a rally towards $7 and even surpassing its all-time high (ATH). Analysts have speculated on the possibility of TON reaching $10 in the near future, citing strong performance in May and potential gains in an altcoin rally.
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This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.