The Toncoin (TON) price has recorded a massive bullish price action by adding significant valuation to its portfolio, following the announcement of Pantera Capital Investment in this Layer-1 altcoin.
Post-announcement, the TON price surged over 11% and continues to trade under a bullish influence. Furthermore, the 24-hour trading volume of TON price touched a high of $181.87 Million, a jump of 15.36% with its market cap reclaiming the $20 Billion mark.
The Toncoin price displayed a strong bearish sentiment and recorded a correction of 36.55% in its valuation during April amid cross-border market correction. This resulted in the crypto market recording a 2-month low of $2.10 Trillion in its global market capitalization.
However, the crypto market regained momentum following the news of crypto asset manager giant Pantera Capital’s investment move in the prominent Layer-1 (L1) project, the Toncoin.
The Simple Moving Average (SMA) displays a bullish curve in the 1D time frame, highlighting a bullish influence for the altcoin in the crypto space.
On the other hand, the MACD shows a constant decline in the red histogram, indicating increased buying-over-selling pressure in the industry. Moreover, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
If the market continues to trade under a bullish influence, the TON price will test its resistance level of $6.350 this week. Maintaining the price at that level will set the stage for Toncoin to attempt to test its upper resistance level of $7.250 during the upcoming weeks.
Negatively, if the bears overpowered the bulls, the price would lose momentum and test its support level of $5.50. Moreover, if the bulls fail to regain power at that point, it will further plunge and fall toward its crucial support level of $4.60 this month.
Also Check Out: Toncoin Price Analysis: TON Shows Bullish Momentum After Pantera Capital Investments
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