*TONUSDT MARKET OVERVIEW*👀👀
Launched in 2018, this Layer-1, Ethereum-based altcoin plays a vital role in the crypto space. Toncoin gained significant attention from investors after the investment of Pantera Capital, a leading hedge fund and venture capital located in the USA.
The Toncoin has jumped approximately 123.26% this year alone, resulting in it securing a spot in the top 10 cryptocurrencies by market cap. However, with the arrest of Pavel Durov, CEO of Telegram, the TON price has taken a significant hit.
Toncoin (TON) price is currently trading at $4.93, down 2.39% with a decrease of 27.16% in intraday trading volume. The price has been trending downward, with the 9-day SMA acting as a resistance level. The RSI of 38.99 suggests that the asset is nearing oversold territory, which could signal a potential bounce if buying momentum increases.
However, the bearish sentiment may continue if the broader market remains weak. For November, if Toncoin fails to break above the $5.00 resistance, further declines toward the $4.50 support are likely, though a rebound to $5.50 could occur if momentum shifts.
