As a seasoned crypto investor with over a decade of experience navigating market turbulence and witnessing the rise and fall of countless digital assets, I can confidently say that the recent surge in Toncoin price has caught my attention. While Bitcoin and other top altcoins have been grappling with corrections, TON‘s resilience is noteworthy.
The price of Toncoin surged significantly despite bulls disregarding the general market corrections that affected Bitcoin and many other popular cryptocurrencies like Dogecoin, Shiba Inu, and Bitcoin Cash.
Anticipating the Federal Reserve’s FOMC meeting later today, there might be a rise in prices ahead of time. The Fed officials are likely to maintain a cautious stance and keep interest rates steady at around 5.25% – 5.50%. As a result, traders should brace themselves for potential market fluctuations following the meeting, given the fluctuating price trends since Monday.
TON and Trust Wallet Announce Integration
On July 30, Trust Wallet shared news of their partnership with Toncoin for a strategic connection. As a result, users of Trust Wallet can now easily engage with the Telegram environment.
Trust Wallet & @ton_blockchain are joining forces
Collaborating with the TON team, we’re striving to enhance the user-friendliness of both TON and Telegram within Trust Wallet for everyone! Keep an eye out for upcoming announcements.
Explore $TON in Trust Wallet now
— Trust Wallet (@TrustWallet) July 30, 2024
In simpler terms, the TON Blockchain serves as the backbone for the Telegram system, promoting decentralization by driving web3 projects. Notably, TON is one of the rapidly expanding networks within the industry, uniting creators, programmers, and users in a collaborative community.
A top choice among mobile users, Trust Wallet functions as a safe haven for your digital currency investments by providing secure storage, purchase, exchange, and management options for numerous cryptocurrencies and Non-Fungible Tokens (NFTs). It streamlines user experiences with decentralized applications (DApps) and accommodates multiple blockchain networks, making it an adaptable tool for crypto aficionados.
Toncoin Price Gains After Key Support
The price of Toncoin stabilized around $6.5, a point bolstered by an upward sloping trendline, enabling buyers to initiate a change in the overall direction. After reaching its peak at $8.28 as all-time high, traders have been grappling with a persistent downward trend.
Traders decided to sell Toncoin based on bearish indications from two tools, MACD and RSI. Since early July, the RSI has been trending lower within its neutral zone, signaling potential for further price decline.
If the cost maintains an upward trajectory beyond the trendline by Friday, there could be a surge in positive sentiment, possibly leading to a push past the $7.5 barrier and a subsequent climb towards $10.
As a crypto investor, I’m closely watching Toncoin’s daily chart for a potential buy signal. The Moving Average Convergence Divergence (MACD) could indicate a positive move if the blue MACD line crosses above the red signal line, which typically signals the start of an uptrend. However, it’s crucial to ensure this occurrence takes place within a broader upward trend and that the market moves towards the neutral area first. Once these conditions are met, I plan to place my buy orders, hoping to capitalize on the anticipated rise in Toncoin’s price.
At first, the main profit objective is set at $7.5. If the price goes beyond this point, Toncoin might escalate to $8 and potentially initiate a discovery stage aimed at reaching new record highs.
As a crypto investor, I’ve noticed that when the 20-day Exponential Moving Average (EMA) drops below the 50-day EMA, forming what’s known as a “death cross” pattern, it often signals a potential downtrend. In this case, the trend line and support at $6 might not be enough to prevent a correction. If the headwinds are strong, there’s a possibility that we could see a more significant sell-off, potentially pushing the price down to $5.
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2024-07-31 16:27