The Toncoin price has risen about 0.89% in the past 24 hours, with the TON/USD exchanging hands at $5.55. Despite the surge, its 24-hour trading volume has plummeted 3% to $219 million, suggesting dwindling market activity among investors and traders.
Meanwhile, the TON Foundation is collaborating with Curve Finance to incubate a stable swap project based on TON. This collaboration will simplify stablecoin trading, boost liquidity, and enhance the DeFi experience on TON.
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"The collaboration aims to create new opportunities for stablecoin trading on the #TON blockchain and enhance accessibility and trading environment efficiency." 💎 https://t.co/atYaOuyPy1
— TON 💎 (@ton_blockchain) September 18, 2024
According to data from Coinglass, more traders and investors are betting that the price of TON will fall despite the recent partnership. This is evident in Toncoin’s long-to-short ratio, which has fallen below 1 and currently sits at 0.91. This suggests declining investor confidence, which might lead to bearish prospects in the market soon.
Toncoin Statistical Data
Based on CoinmarketCap data:
- TON price now – $5.55
- Trading volume (24h) – $219 million
- Market cap – $14 billion
- Total supply – 5.11 billion
- Circulating supply – 2.53 billion
- TON ranking – #9
Technical Indicators Suggest a Potential Downside in TON Market
The Toncoin price trades well within a falling channel as technical indicators show mixed reactions. On September 17, a bullish wave traversed the crypto market, leading to price upswings led by Bitcoin’s jump above $60,000. While profit booking hampered the continuation of the uptrend for most cryptos, TON, on the other hand, is attempting to break above the falling channel.
Toncoin’s price uptrend touched $5.87 on September 13 but retreated to $5.34 in search of more liquidity to deal with the glaring seller congestion at $5.64, as highlighted by the 200-day SMA (blue). Using the 50-day Simple Moving Average (SMA) (green) as support at $5.52, the bulls have propelled TON to around the $5.55 mark. However, the bulls must bring down the $5.64 immediate resistance key, which coincides with the 200-day SMA, before resuming an uptrend.
On the other hand, the Relative Strength Index (RSI) sits well above the 50-mean level, currently at 54. This suggests some bullish prospects in the TON market. Moreover, if the buyers add to their positions at this level, there is potential for the upside before TON is considered overbought. However, if the bears step in at this level, the RSI could plunge below the 50-mean level, signalling intense selling pressure.
With the MACD line in blue below the orange signal line, traders are inclined to sell TON unless the MACD changes. In the meantime, upholding the short-term support at the 50-day SMA would be in the best interest of the bulls and traders willing to bet on the impending move to $6.
Toncoin Price Prediction: Will the Bulls Gain Momentum?
On the upside, if the $5.52 support holds steady, the Toncoin price could break above the falling channel. In such a case, the bulls would surpass the immediate resistance at $5.64, triggering an uptrend. This could lead to a strong leg up, causing TON to hit the $6 mark in the short term.
On the downside, losing the same 50-day SMA as the immediate support could imply a drop to seek support at $5.40. In such a case, it would allow the TON token to collect enough liquidity before launching the next bullish attack on resistance at $5.64 on the path to $6.
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