Toncoin (TON) Sees Positive Movement As Top Coins Suffer Downtrend
Many crypto assets have lost their 7-day gains in the last 24 hours. The top 3 coins, BTC, ETH, and BNB, are all down by more than 4%, as Bitcoin alone has lost almost 6% of its previous week’s gain today, February 27. It has even lost hold of the $24,000 price level and now trading at $23,413.
Some popular crypto such as LINK, ATOM, ETC, XMR, and others have lost above 7% in their weekly gains. But amid all these downtrends today, Toncoin (TON) is holding green on its 1-hour, 24-hour, and weekly charts where it is seeing gains of up to 4%.
What could be helping the altcoin to sustain its price gain at these levels? Will the coin be bullish or bearish in the coming days? The network developmental trend and analysis below could help answer the questions above.
Toncoin’s Recent Developmental Trend
Some events in the Toncoin network may be sustaining TON price gain. The most recent was the developers’ freeze of 1 billion TON coins. The decision came after a poll that the validators took as a way to improve the coin’s tokenomics.
The developers wanted the validators and the community members to support or negate the idea of freezing 171 early mining wallets that have been dormant for some time. These wallets had up to 1.08 billion TON making up 20% of the whole token in supply and worth above $2.4 billion at the current market price.
Notably, the voters supported freezing the wallets for some time. After completing the polls, TON recorded a price gain of 1.7%, and the market cap also increased by the same percentage.
The second recent Toncoin network event occurred some days ago involving Abu Dhabi’s Global Tech Ecosystem, HUB71. Toncoin network announced a collaboration with Hub71 in the launch of its Hub71+ Digital Assets, a new accelerator program to support Web3 projects.
The partnership will enable TON to work with Hub71 on providing support for mutual start-up funding, marketing assistance, etc.
TON Price Prediction For Short And Long Term
TON is trading at $2.41 today, a slight price increase in 24 hours. The price has remained in the $2 range since January 2023, with a gradual increase in recent weeks.
Toncoin is trading above its 50-day and 200-day Simple Moving Averages (SMA), indicating bullish pressure. The token has remained above these two indicators since a golden cross formed on the price charts.
However, looking at most of the candles after the golden cross reveals that the close, open, high, and low values were the same. It implies that the bulls and bears exerted equal pressure on those days.
The Relative Strength Index (RSI) is at 54.38, indicating price neutrality. Also, the RSI indicator points upwards, implying a possible increase to the buy zone. TON’s Moving Average Convergence/ Divergence (MACD) is slightly above its signal line. However, it is moving sideways and also displays neutrality.
Key support levels are $2.30, $2.34, and $2.38, while the resistance levels are $2.46, $2.50, and $2.54. TON is close to the $2.46 resistance. It will likely surpass the $2.46 resistance in the coming days to continue the uptrend. In the long term, if the bulls prevail, a break above the $3 price level could be in the works for the asset.
Note that altcoins are volatile and might struggle to regain their value after a price pullback. Also, remember that investments carry certain risks and should be approached with proper research, technical analysis, and risk management.