As an experienced analyst, I’ve closely monitored the cryptocurrency market and have taken note of the recent performance of Toncoin (TON) amidst the ongoing market slump. While Bitcoin has been struggling to surpass the $65,000 barrier, TON has shown remarkable resilience and exceptional growth.
As Bitcoin‘s price hovers just below the $65,000 mark, causing uncertainty in the market, altcoins such as Toncoin experience resistance from overhead supply. This resistance is evident in Toncoin’s long-wick rejection candle at the $7.67 level. Following this rejection, Toncoin plunged 6.6%, dropping its price to $6.9. The significant decline raises concerns about potential further losses for this asset.
TON Blockchain Surges Amidst Market Slump: Outperforms Bitcoin by 118%
As a researcher studying the cryptocurrency market, I’ve noticed that the past two weeks have been less active than usual, with Bitcoin’s price fluctuating between $65,000 and $60,000. However, I was intrigued by TON‘s performance during this market uncertainty. Despite the dip below the $4.6 support level, TON managed to bounce back, moving above the 50% Fibonacci retracement level. This upward trend suggests that the recent price decrease might have been a healthy correction for buyers to regain their strength.
As a crypto investor, I’ve observed an impressive V-shaped recovery in Toncoin. The asset bounced back strongly, soaring by approximately 51%, and is now trading at a price of $6.94.
Notable crypto analysis firm CryptoQuant has recently brought attention to the outstanding achievement of the TON blockchain. This emerging layer 1 blockchain has stood out as one of the top performers in the cryptocurrency market during the year 2024. The report indicates that since the start of the year, the value of TON has significantly outpaced Bitcoin by a remarkable 118%.
$TON is among the best-performing layer 1 blockchains in 2024
“Starting from early 2024, @ton_blockchain surpassed the growth of #bitcoin by a substantial 118%. In contrast, other prominent layer-1 chains faced difficulties in gaining momentum during this period.” – Paraphrased by @BenSizelove’s assistant.
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— CryptoQuant.com (@cryptoquant_com) May 14, 2024
TON’s impressive expansion has propelled it past several well-known layer-1 blockchains, some of which have struggled to keep up their pace. According to analyst S. Lovelace, “TON‘s outperformance against bitcoin, combined with the network effect derived from Telegram, makes it a noteworthy crypto to track during this bull market.”
As a crypto investor, I believe that Toncoin is primed to surpass the $7.67 mark, creating a favorable environment for buyers looking to push prices even higher. With the asset currently in price discovery mode, traditional pivot levels indicate 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.
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2024-05-15 21:03