Convergence

Toncoin

Momentum

Resistance

The post <a href="https://coinpedia.org/price-analysis/toncoin-price-analysis-ton-shows-bullish-momentum-after-pantera-capital-investments/">Toncoin Price Analysis: TON Shows Bullish Momentum After Pantera Capital Investments</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Toncoin (TON) today demonstrated bullish momentum following Pantera Capital’s investment, <a href="https://markets.coinpedia.org/toncoin/" target="_blank" rel="noreferrer noopener">Toncoin</a> soared 4.11 % in 24 hours with an increased market cap to USD 19.8B with 24-hour volume of USD 270.21M.&nbsp; 
<h2 class="wp-block-heading" id="h-toncoin-caught-pantera-capital-attention">Toncoin Caught Pantera capital attention</h2> 
Initially launched by the Telegram messaging platform, Toncoin (TON) parted away from Telegram in 2020 following a legal battle with the <a href="https://coinpedia.org/news/legendary-crypto-analyst-say-ethereum-etf-is-not-going-to-be-approve-in-may-august-deadlines-in-doubt/" target="_blank" rel="noreferrer noopener">US SEC</a>. 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. 
<h2 class="wp-block-heading" id="h-toncoin-technichal-analysis-nbsp">TonCoin Technichal analysis&nbsp;</h2> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="561" src="https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46-1024x561.png" alt="Toncoin" class="wp-image-297850" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46-1024x561.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46-300x164.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46-768x421.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46-150x82.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223247/TONUSD_2024-05-04_15-31-46.png 1341w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Key Support Levels: $5.50, $5.20&nbsp;&nbsp; 
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. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-1024x465.png" alt="Toncoin" class="wp-image-297852" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-1024x465.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-1536x698.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223518/pasted-image-0-5-1.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<h2 class="wp-block-heading" id="h-technical-indicators">Technical Indicators:</h2> 
<ul> 
 <li>Volatility: The volatility is relatively high at 6.35%, indicating a relatively stable price movement.</li> 
</ul> 
<ul> 
 <li>Relative Strength Index (RSI): The RSI stands at 38.82, suggesting that TON is in neutral territory in terms of overbought or oversold conditions.</li> 
</ul> 
<ul> 
 <li>MACD (Moving Average Convergence Divergence): The MACD is slightly negative at -0.35, indicating some downward pressure.</li> 
</ul> 
<h2 class="wp-block-heading" id="h-short-term-price-prediction-for-ton">Short-Term Price Prediction for TON:</h2> 
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.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-1024x465.png" alt="Toncoin" class="wp-image-297853" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-1024x465.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-1536x698.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/05/04223614/pasted-image-0-6-1.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
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: <a href="https://coinpedia.org/price-analysis/top-altcoins-facing-potential-crash-in-coming-week/">Top Altcoins Facing Potential Crash In Coming Week</a>

Toncoin Price Analysis: TON Shows Bullish Momentum After Pantera Capital Investments

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