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.
Toncoin Caught Pantera capital attention
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.
TonCoin Technichal analysis
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.
![Toncoin](https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-1024x465.png)
Technical Indicators:
- Volatility: The volatility is relatively high at 6.35%, indicating a relatively stable price movement.
- Relative Strength Index (RSI): The RSI stands at 38.82, suggesting that TON is in neutral territory in terms of overbought or oversold conditions.
- MACD (Moving Average Convergence Divergence): The MACD is slightly negative at -0.35, indicating some downward pressure.
Short-Term Price Prediction for TON:
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.
![Toncoin](https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-1024x465.png)
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.
Also Check Out: Top Altcoins Facing Potential Crash In Coming Week