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The cryptocurrency industry may be relatively quiet this week, but some cryptocurrencies are continuing to show exceptional movement. One such cryptocurrency is Toncoin (TON), the digital currency associated with messaging giant Telegram. Despite facing several challenges, TON has finally started to perform well, experiencing a significant 22% increase this week.
Telegram Open Network (TON) Price is Increasing
Currently, TON is trading at $1.41, with a 4% increase in the past 24 hours. Over the course of a year, TON has seen a 12% increase, and within the last seven days, it has experienced a 17% surge. These recent gains indicate that TON is slowly recovering from its prolonged period of stagnation. Despite previous attempts to break the $1.5 resistance level, TON had to close below it due to insufficient trading volume.
The increasing number of attempts to surpass this level should serve as a warning to investors to remain cautious. Further attempts and subsequent declines could lead to a loss of support and an acceleration of the downward trend. Breaking the $1.5 resistance level could potentially push the price up to $2.3, which is also indicated by Fibonacci levels as the next peak.
The Changing Process for TON
Known as the Layer 1 blockchain network, the Telegram Open Network (TON) stands out for its decentralized nature. Introduced in 2018, TON was later embroiled in a lawsuit related to Telegram’s sale, resulting in a substantial penalty. The project initially focused on the Gram token, but the SEC case led to the cancellation of a $1.7 billion Gram sale. Time has passed, and TON now operates fully decentralized. This indicates the emergence of specific support and resistance levels for TON, as market dynamics begin to take hold.
Moving forward, TON’s price may now rely more on technical analysis, independent of fundamental factors. Despite low trading volume, technical analysis suggests that the $1.2 support level is strong for TON, with a target focus on $2.3.
