Bitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside move.
Bitcoin’s failure to rise above the 20-day EMA increases the risk of a downward breakdown for BTC and many altcoins.
TON price rallied nearly 15% and traded above the $6.50 resistance. Toncoin is now showing a few signs of trend exhaustion and might correct gains. Toncoin jumped above the $6.20 and $6.50 resistance levels. The price is now trading above $6.50 and the 100-hourly Simple Moving Average. There is a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair (data source from Kraken). The pair could start a downside correction if it declines below $6.80 and the $6.60. TON Price Reaches $7 Recently, TON price started a strong increase from the $5.60 support zone. It climbed above the $6.20 resistance zone. It gained nearly 15% in a day and outperformed Bitcoin and Ethereum. Toncoin traded close to the $7.00 level. A high was formed at $6.93 and the price is now consolidating gains. It is trading near the $6.80 zone and well above the 100-hourly Simple Moving Average. There is also a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair. Immediate resistance is near the $6.92 level. The first key resistance is near $7.00. A close above the $7.00 resistance zone could spark a strong increase. Source: TONUSD on TradingView.com The next key resistance is near $7.20. If the bulls remain in action above the $7.20 resistance level, there could be a rally toward the $7.55 resistance. Any more gains might send the price toward the $8.00 resistance. Downside Correction In Toncoin? If Toncoin price fails to clear the $6.90 resistance zone, it could start a downside correction. Initial support on the downside is near the $6.80 level and the parabolic curve, below which the price might test the 23.6% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high. The next major support is at $6.25 or the 50% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high. If there is a downside break and a close below the $6.25 level, the price might accelerate lower. In the stated case, the price could retest the $6.00 support zone. Technical Indicators Hourly MACD – The MACD for TON/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for TON/USD is now above the 70 level. Major Support Levels – $6.80 and $6.60. Major Resistance Levels – $6.90 and $7.00.
Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?
Bitcoin and altcoins have turned bullish following the BTC supply halving. Are new all-time highs in the making?
Bitcoin price descends to new lows, dragging altcoins down with it just days before the long-awaited BTC supply halving.
The Open League program, announced on April 1, is bringing users on-chain in "unprecedented numbers," TON Foundation's Justin Hyun said.
Bitcoin is finding it difficult to sustain the relief rally, which could put pressure on several altcoins in the near term.
Toncoin (TON) has defied recent market turbulence, reaching a new milestone with its price surging to an all-time high of $7.0. This nearly 25% increase has propelled Toncoin to become the eighth largest cryptocurrency by market cap, surpassing Dogecoin (DOGE) with a market cap of nearly $25 billion. Source: CoinMarketCap Related Reading: Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst Toncoin: Powered By Strategic Partnership Toncoin’s recent momentum can be attributed in part to its partnership with HashKey, which has bolstered investor confidence. Since March, Toncoin has sustained considerable momentum, witnessing a surge of approximately 35% in the past week and a remarkable 136% increase over the past month. Technical Indicators Signal Potential Growth Technical analysis indicates a bullish trajectory for Toncoin, with its price following an ascending channel pattern. Despite brief downward movements, strong buying activity near the support line suggests resilience among investors. TON weekly price action. Source: CoinMarketCap Analysts predict a potential breakthrough of the $7.50 resistance line, potentially paving the way for a rally towards $10. Both moving averages are trending upwards, and the Relative Strength Index (RSI) remains positive, signaling favorable conditions for buyers. Toncoin has had a significant and rapid increase in value since the beginning of the year. The year-to-date (YTD) growth of this entity stands at 205%, surpassing the growth of Bitcoin (BTC) which is recorded at 57%. Catalysts Behind TON’s Growth There are numerous driving forces behind Toncoin’s explosive growth. Its distinct technology aids in the scalability of decentralized services constructed upon it, and its tight relationship with Telegram serves as an additional catalyst for its expansion. Bitcoin is now trading at $66.274. Chart: TradingView All told, the Toncoin ecosystem is home to a large number of aspirational users who have contributed to the development of a tight-knit community that powers and encourages network innovations. Telegram’s Influence Adds Momentum The influence of messaging app Telegram has also contributed to Toncoin’s momentum. Rumors of Telegram’s impending IPO and plans to integrate Toncoin into its platform have heightened investor optimism. Telegram’s CEO, Pavel Durov, recently disclosed the company’s receipt of offers totaling $30 billion, further fueling excitement. Additionally, Telegram’s decision to introduce advertisements within its channels, with rewards distributed in Toncoin, underscores the platform’s commitment to cryptocurrency integration. Related Reading: XRP Poised For Takeoff: Analysts Predict Huge Gains After Bitcoin Halving Toncoin’s surge represents a significant development in the cryptocurrency landscape. As the cryptocurrency continues to challenge established players and forge strategic partnerships, investors are reminded of the inherent volatility in the market. Even though Toncoin’s present path looks good, it is still important to be careful with risks. As people keep an eye on what’s going on, Toncoin’s path to continued growth stays a central issue in the world of digital assets, which is always changing. Featured image from Pexels, chart from TradingView
Bitcoin's correction deepened as BTC price fell to $65,000, and altcoins were hit with double-digit losses.
HashKey and the Foundation are focussing their partnership on Hong Kong in the first phase.
After pushing out Cardano's ADA, TON became the ninth-largest crypto by market cap. Can it maintain momentum to surpass Dogecoin next?
Toncoin, the native token of The Open Network (TON), surged into the top 10 digital assets by market capitalization amid recent developments within the network. TON is a layer-1 blockchain network intricately linked with the renowned social messaging platform Telegram. TON developments On April 8, TON Society, a community contributing to the TON blockchain, revealed […]
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Telegram channel owners will start receiving 50% of all advertising revenue generated in their channels.
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