Key Levels to Watch if Toncoin Enters Price Discovery Mode This Week

4 months ago 37

With the Bitcoin price struggling to surpass the $65000 barrier, the altcoin market continues to face overhead supply. The Toncoin shows this lack of bullish momentum with a long-wick rejection candle at $ 7.67 resistance. The Toncoin price recently reverted from this resistance and tumbled the asset 6.6% to currently trade at $6.9, sparking a potential for further downfall.

TON Blockchain Surges Amidst Market Slump: Outperforms Bitcoin by 118%

The past two weeks have been sluggish for the cryptocurrency market as the Bitcoin price continues to consolidate between $65000 and $60000 level. However, the TON price showed notable resilience to the market uncertainty and rebound from the $4.6 support. The price reverted above the 50% Fibonacci retracement level indicating this downfall was a healthy pullback for buyers to recuperate strength.

Thus, the Toncoin witnessed an immediate V-shaped reversal surging the asset 51% to currently trade at $6.94.

CryptoQuant, a prominent crypto analytics firm, recently highlighted the exceptional performance of the TON blockchain, which has emerged as one of the best-performing layer 1 blockchain in 2024. According to the report, since the beginning of the year, TON blockchain has surged ahead of Bitcoin by an impressive 118%.

$TON is among the best-performing layer 1 blockchains in 2024

“Since the beginning of 2024 @ton_blockchain has outperformed #bitcoin by 118% while other popular layer-one chains have struggled to find strength.” – By @BenSizelove

— CryptoQuant.com (@cryptoquant_com) May 14, 2024

This remarkable growth has positioned TON ahead of other popular layer-one blockchains, many of which have struggled to maintain momentum. The analyst S. Lovelace also adds “TON’s relative strength against bitcoin coupled with the network effect of Telegram make it a crypto worth monitoring this bull run”.

Thus, the Toncoin is well positioned to breach the $7.67 barrier favoring buyers for higher. With the asset entering price discovery mode the traditional pivot level indicator highlights potential resistance at $8.83 followed by $10.

Technical Indicator

Average Directional Index: The daily ADX slope at uptick x% indicates the prior correction offer TON coin sufficient to lead a higher rally.
BB Indicator: The coin price challenging the upper boundary of the Bollinger band indicator projects the demand pressure exceeds the supply momentum.

The post Key Levels to Watch if Toncoin Enters Price Discovery Mode This Week appeared first on CoinGape.

Read Entire Article