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TonCoin (TON) has been bullish since Sunday, Oct. 15, gaining as much as 13% to set a swing high at $2.17 on Wednesday. This has surprised many traders, particularly for a token still reeling under the effects of DeFi market struggles, bolstered by its partnership with Elliptic for improved network security.
TON has emerged as a top performer with an impressive 50% growth in the last 30 days. Toncoin price is up 6% on Wednesday to exchange hands at $2.05, with its 24-hour trading volume jumping 171% to cross the $40 million mark. It leads the top crypto gainers today, according to data from CoinMarketCap.
Trust Wallet Token (TWT) is the second biggest gainer after TON, with 4% gains over the last 24 hours. OKB, the utility token that powers the OKEx ecosystem, came in third after rising 2.5% on the day, and Apecoin (APE) came in fourth with 2% gains over the same time frame. Hedera (HBAR) closed the top five biggest gainers after climbing 2% over the last 24 hours.
Toncoin Foundation Partners with Elliptic
On Oct. 13, the Toncoin Foundation, the organization behind the Layer 1 blockchain project, announced its support for Elliptic, a top blockchain analytics firm, to “boost TON Ecosystem’s security.” This alliance will allow Elliptic to “screen wallet addresses, aiding Toncoin listings on new exchanges” to flag malicious activities.
TON Foundation enlists the support of @elliptic to boost TON Ecosystem's security. Elliptic to screen wallet addresses, aiding Toncoin listings on new exchanges. A stride towards safeguarding and expanding the TON community post Telegram integration. 🚀🔐 #crypto #toncoin pic.twitter.com/edQf7Ae6fO
— TON Coin (@toncoin) October 13, 2023
Toncoin said this was a “stride towards safeguarding and expanding the TON community post-Telegram integration.”
TON price responded positively to the news, rising an impressive 14% from areas around $1.9 to reach $2.17 as it successfully generated buying interest in the market.
However, some investors and crypto analysts are skeptical about TonCoin’s ability to stage a sustained recovery in the near term. “$2.5 is a formidable Resistance. I think we should stay below it for quite some time. … I would like to buy some Toncoin at $1.5 or lower”, CryptoBullet, an X user, said.
$TON 3D chart
$2.5 is a formidable Resistance. I think we should stay below it for quite some time (eventually it will be broken 📈 )
I would like to buy some #Toncoin at $1.5 or lower pic.twitter.com/FZArdu9baG
— CryptoBullet (@CryptoBullet1) October 16, 2023
Toncoin Price Analysis: Is a Return to $2.6 Possible?
TON’s market performance displays a struggle, trading around $2.07 and facing resistance at $2.10. Despite this, crypto remains bullish as it trades above major moving averages.
The bulls appear determined to defend the uptrend they have nurtured since the onset of the previous weekend. The most significant breakout occurred on Tuesday after the Toncoin price stepped above the 50-day and 100-day Simple Moving Averages (SMA), currently sitting at $1.97 and $2.01, respectively. The token was pushed above the descending trendline at $1.93 on Oct. 15.
The 200-day SMA rejected this rally around the $2.13 area as sellers gave in to their appetites and booked profits.
TON/USD Four-hour Chart
A couple of technical indicators support a continued uptrend for TON, including the position of the Relative Strength Index (RSI) in the positive region. The value of this oscillating indicator at 64 suggests that there are still more buyers than sellers in the market.
In addition, the price is currently sitting above a key support zone stretching from $1.97 to $2.01, defined by both the 50-day and 100-day SMAs. This suggests that the Toncoin enjoys relatively robust support on the downside, and any attempts to pull the price below the said level would be met by intense buying from these buyers who may want to increase their profits.
As such, a decisive daily candlestick close above the $2.1 psychological level would open the door to an extended uptrend, where the price deals with resistance between $2.14, embraced by the 200-day SMA and the $2.17 major resistance level.
If bulls bring down this hurdle, investors will start pushing for more gains, targeting highs around $2.6. This would bring the total gains to 25% from the current price.
On the downside, traders must tread cautiously, considering the Relative Strength Index (RSI) is currently turning down. If TON’s upward momentum loses steam at the current level, it would be forced to retrace in search of fresh liquidity before resuming the uptrend.
Key support areas lie at $2.01 and $197, coinciding with the 50-day and 100-day SMAs, respectively, the psychological support at $1.90, and the declining line at $1.87. Price movement below $1.8 could trigger a massive sell-off as Toncoin token holders would likely start panic selling.
TON Alternatives
Bitcoin Minetrix ($BTCMTX) is catching the attention of investors as the first fully decentralized mining solution based on cloud computing, where stakers earn credits they can directly deploy to mine Bitcoin.
Traders are also intrigued by the implications of the stake-to-mine feature because of its potential to alleviate selling pressure at launch and incentivize long-term adoption.
Within one month of the presale opening, over $1.7 million has been contributed after exceeding the soft cap initial fundraising goal of $15.6 million. At this rate, the presale could sell out its first stage, in which $3,094,000 is targeted over the next few days.
Witness #BitcoinMinetrix achieving another remarkable milestone!
More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2
— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023
Each $BTCMTX token is auctioning for $0.00111 in the first stage of the presale. The presale has ten stages; from Stage 2 onwards, the token price increases 10% at each stage. Therefore, there is no time to lose in locking in the lowest prices, as there are only 11 days remaining before the price increases to $0.01221.
Visit Bitcoin Minetrix here to find out how to participate in this presale.
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