TON has decreased in value by 5.81% in the last 7 days as per data from CMC.
The price has faced brief correction after encountering resistance at $2.58 level.
The crypto market is showing signs of life as Bitcoin’s value rises. After failing to break over $26,500 earlier this week, BTC is hovering around the $27,000 mark at the time of writing.
Moreover, Toncoin had been in news lately for defying the market trend and registering a strong rally. The Telegram’s support has been a major factor in TON’s explosive surge. The current increase in Toncoin’s value may be explained by the adoption of custodial wallet into the Telegram platform. Since Telegram had previously distanced itself from the project due to regulatory difficulties, this development came as a welcome surprise to many holders.
Since hitting a low of $1.17 in August, TON has been on a rising trend that has brought about a stunning 116% growth. TON periodically dropped below the 20-day EMA during this rise, creating compelling buying chances.
Bears Taking Control
TON has decreased in value by 5.81% in the 7 days. This may indicate that the asset has lately been subject to negative selling pressure. However, TON is still up 24.95% in the last month.
Source: CoinMarketCap
At the time of writing, TON is trading at $2.19, down 2.11% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 21.30%. The price has faced brief correction after encountering strong resistance around the $2.58 level.
If the price manages to go above $2.26 short-term resistance level then it will likely be testing $2.51 level. On the other hand, if bears continue their domination and drive the price below $2.10, then it will likely decline all the way till $1.95 support level.