- The maximum supply of the Toncoin crypto is infinite.
- The TON crypto resides under a ranking of #20 as per CoinMarketCap.
Toncoin was developed by the developers of Telegram and was known as The Telegram Open Network. Although it was launched in 2021, the development work was completed in 2018. It was later backed by TON Foundation. It also was further renamed as The Open Network and the technology has been developing since 2020.
The Toncoin uses a proof-of-stake consensus mechanism and can process a huge number of transactions in a second. It also created a world record in a contest in 2021 by processing 55,000 transactions in a second.
Price Data of Toncoin
Despite of the infinite max supply of the crypto, the current resulting circulating supply is 3.431B TON. Its fully diluted market cap is $11.968M.
Currently, 76.34% of the TON crypto is held by the whales and the rest 3.25M is tarded by retail. It follows holdings of 2.82M by the whales.
The trading volume of the crypto has declined by 31.54% in the last 24 hours. It has resulted in a volume/market cap ratio of 0.33%. Moreover, as per Coingecko the market cap dominance of the crypto is 0.343%.
Price vs. Volume Analysis
The price of the TON crypto has been witnessing advance for the last few days. This advance in the price of the crypto follows up an advance in the volume. Looking at the most recent charts, the volume can be seen declining and it can be a sign of crypto price taking pause.
TON Crypto Technical Analysis
From the swing low of July 2023, the TON crypto price has advanced by 97%. This behavior of the crypto price shows that the buyers are dominating the current trend of the TON crypto price.
On the daily charts, the TON crypto is taking resistance at the higher levels. It is currently witnessing profit booking, which has led to the formation of a few red candles on the charts.
TON/USD Chart ByTradingView.com
The ADX currently is trading at 29.54 which represents that the existing trend of the crypto is still having strength. Also, as the ADX is advancing from the lower levels, which could be a sign of the uptrend slowly gaining strength.
The Aroon oscillator’s bullish line has crossed above the bearish zone. This bullish line of the Aroon has advanced to 78.57% while the bearish line is trading at 14.29%. It clearly shows the buying strength in the crypto.
Conclusion
As the majority of the crypto is held by the whales, the coin seems to be reliable for the future. The trading volume of the crypto has witnessed a decline while the technical indicators are giving a buy signal.
Thus, if the TON crypto price is above the level of $2.760, we might get to see higher prices in the crypto in the upcoming days.
Technical Levels
- Support levels- $1.27700 and $1.9060
- Resistance levels- $ 3.1800 and $4.0400
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.