Why is the price of TON not rising despite the rise of Bitcoin?
Toncoin [TON], the primary digital asset of the Toncoin network, remains distinctly aloof during the ongoing cryptocurrency uplift.
As Bitcoin [BTC] bounces back above the $70K mark and excitement around the Ethereum [ETH] spot ETF swells, most significant alternative coins are experiencing a surge. Conversely, TON has depreciated by 5.8%, now trading at a somewhat underwhelming $6.2. So, what's the reason behind this?
Despite Setbacks, TON Retains Its Strength
It's evident that TON is finding it challenging to capitalize on the cryptocurrency market's upturn. However, it still boasts an impressive $22 billion market capitalization, securing its position within the top 10 digital currencies.
Thus, although its price movement might appear sluggish, it continues to maintain a notable standing within the digital currency landscape.
Analytics platform Santiment has highlighted TON's remarkable expansion over the last six months. In particular, the tally of non-empty TON wallets has soared by 110%, hitting 16,800.
This indicates a sustained interest and confidence in Toncoin's future prospects.
Moreover, TON's annual performance remains one of the market's best, with gains surmounting 220%.
Additionally, data from DeFiLlama reveals that the digital coin's Total Value Locked (TVL) has escalated to beyond $289 million, underscoring the broad acceptance and significance of The Open Network's decentralized applications (dApps).
An Overview of Technical Movements
The five-day trading chart for TON/USDt reveals a turbulent trading pattern, marked by a series of considerable peaks and troughs.
Toncoin hit a peak close to $6.75 and dipped to a low near $6.20, demonstrating a trading variance of $0.55 throughout the last five days.
Upon reaching its zenith, Toncoin saw a swift decline, likely due to intense selling pressure or profit-taking at its peak levels.
After dipping to its lows, the price saw some consolidation, indicating potential support at the $6.20 level.
Trading volume for TON has remained fairly steady, with spikes aligning with significant price actions, hinting at active trading during times of elevated volatility.
Throughout this period, the most steadfast support level was identified at approximately $6.20, where the price managed several rebounds, despite the bearish dominance.
Given the persistent bearish trend it has been subject to, TON might struggle to maintain the $6.2 support level, possibly dropping below $6 or even to $5.5. However, if it manages to hold, we could see an uptick to around $6.5.
Hence, there remains a glimmer of hope for TON to integrate into the rally.
