Toncoin (TON) today demonstrated bullish momentum following Pantera Capital’s investment, Toncoin soared 4.11 % in 24 hours with an increased market cap to USD 19.8B with 24-hour volume of USD 270.21M.
Initially launched by the Telegram messaging platform, Toncoin (TON) parted away from Telegram in 2020 following a legal battle with the US SEC. After this, the technology management of the coin was taken over by ‘Open Network’ a group of open-source developers.
The Toncoin operation continued with the app, wherein the telegram users could transfer the TON internally, hassle-free. Ryan Barney, a Pantera capital partner emphasized the Telegram network’s role in reaching mass crypto userbase and its to become the biggest crypto network.
Key Support Levels: $5.50, $5.20
Key Resistance Levels: $6.00, $6.50
A positive response was seen by the crypto market to Pantera capitals investment news trashing the negative momentum earlier where the price retested $5.20.
Toncoin’s price action has been notably bullish, with the cryptocurrency surpassing key resistance levels in recent trading sessions. Despite initial hesitation from buyers, Toncoin has continued its upward trajectory, reaching $5.80 today on major exchanges. The previous resistance at $5.50 has now turned into support, with the next significant resistance level identified at $6.00.
Although Toncoin has surpassed $5.80, recent price action indicates the potential for a reversal if selling pressure intensifies. Momentum and low trading volume are a hook, but the overall market sentiment favors bulls. Should Toncoin’s price continue to rise, the next significant resistance level is anticipated at $6.00.
TON’s impressive recovery from two weekly candles closing bearish stands strong indicator. The analysis also suggests the price could potentially test the ascending trend line and may hit near the all-time high of $7.61 which as created on April 11.
In conclusion, Toncoin demonstrates bullish momentum amid positive market sentiment. However, investors should closely monitor key technical indicators and market developments for insights into potential future price movements.
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