- In the last seven days, the TON crypto price has advanced by more than 8%.
- The price of the Toncoin crypto has reversed its trend to bullish.
Toncoin token also known as The Open Network is a native cryptocurrency and a decentralized token based on TON blockchain. It is the medium of exchange within the TON ecosystem. TON token is used for transactions, payment for computation, and participation in the network’s governance. It was launched in August 2021 and follows the POS consensus mechanism.
The TON crypto has witnessed a decline of 56.04% in its trading volume in the last 24 hours resulting in $11.49M. The current market cap of the crypto is $7.272B resulting in a volume/market cap ratio of 0.17%.
The market cap dominance of TON crypto is 0.625% and the market cap rank of the crypto as per Coingecko is #12. Despite this, the last 7 days range of the crypto is $1.91-$2.16. The all-time high price of the TON crypto is $5.29 recorded on the 12th of November 2021. TON crypto’s highest volume is traded in USDT pair and the second highly traded pair is BTC.
Toncoin Following An Uptrend, What Highs Can It?
a by writer11_gsm on TradingView.com
After witnessing a drop of more than 50% in the crypto price, the TON crypto is trying to rebound to its previous highs.
The TON crypto price is currently making a higher high swing structure. This is leading to an advance in the price of the crypto. The crypto price is consistently breaking out to higher levels by taking support at the previous swing highs. The crypto price is making bullish engulfing candles and has taken out above the crucial highs formed a few days ago.
The uptrend is also supported by the technical indicators as the price of the crypto has breached above the 50-day and the 200-day EMA. Even the RSI is sustaining above the 50-level and has also crossed above the 14-day SMA.
TonCoin Liquidation Analysis
TON crypto has witnessed a higher short liquidation of $16.08K against the long liquidation of $9.30K. This is followed up by a decline of 39.91% in the derivatives volume of the crypto.
Conclusion
With the decline in volume, the crypto’s price is also mildly declining, indicating the losing streak of sellers. Based on the technical charts the crypto is making higher highs and bullish chart patterns. The Indicators such as EMAs and the RSI indicate bullishness on the charts.
Technical Levels
- Support levels- $1.1700 and $1.6400
- Resistance levels- $2.5800 and $2.9200
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.