2024

Bitcoin

Toncoin

Mode

With the <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-toncointon-price-hits-20/">Bitcoin price</a> struggling to surpass the $65000 barrier, the altcoin market continues to face overhead supply. The Toncoin shows this lack of bullish momentum with a long-wick rejection candle at $ 7.67 resistance. The Toncoin price recently reverted from this resistance and tumbled the asset 6.6% to currently trade at $6.9, sparking a potential for further downfall. 
<h2 id="ton-blockchain-surges-amidst-market-slump-outperforms-bitcoin-by-118">TON Blockchain Surges Amidst Market Slump: Outperforms Bitcoin by 118%</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/n/NQn5UVN6.png" alt="OKX:TONUSDT Chart " width="1815" height="836">
 <figcaption class="wp-caption-text">
 Toncoin price| Tradingview
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The past two weeks have been sluggish for the cryptocurrency market as the Bitcoin price continues to consolidate between $65000 and $60000 level. However, the TON price showed notable resilience to the market uncertainty and rebound from the $4.6 support. The price reverted above the 50% Fibonacci retracement level indicating this downfall was a healthy pullback for buyers to recuperate strength. 
Thus, the <a href="https://coingape.com/markets/toncoin-price-prediction-ton-to-past-all-time-high-tvl-growth/">Toncoin</a> witnessed an immediate V-shaped reversal surging the asset 51% to currently trade at $6.94. 
CryptoQuant, a prominent crypto analytics firm, recently highlighted the exceptional performance of the TON blockchain, which has emerged as one of the best-performing layer 1 blockchain in 2024. According to the report, since the beginning of the year, TON blockchain has surged ahead of Bitcoin by an impressive 118%. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a> is among the best-performing layer 1 blockchains in 2024 
 “Since the beginning of 2024 <a href="https://twitter.com/ton_blockchain?ref_src=twsrc%5Etfw">@ton_blockchain</a> has outperformed <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> by 118% while other popular layer-one chains have struggled to find strength.” – By <a href="https://twitter.com/BenSizelove?ref_src=twsrc%5Etfw">@BenSizelove</a> 
 Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/qbbqUSVIIp">https://t.co/qbbqUSVIIp</a> <a href="https://t.co/iNnnxQTuZc">pic.twitter.com/iNnnxQTuZc</a> 
 — CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1790416387711680740?ref_src=twsrc%5Etfw">May 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This remarkable growth has positioned <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-toncointon-price-hits-20/">TON</a> ahead of other popular layer-one blockchains, many of which have struggled to maintain momentum. The analyst S. Lovelace also adds “TON’s relative strength against bitcoin coupled with the network effect of Telegram make it a crypto worth monitoring this bull run”. 
Thus, the Toncoin is well positioned to breach the $7.67 barrier favoring buyers for higher. With the asset entering price discovery mode the traditional pivot level indicator highlights potential resistance at $8.83 followed by $10. 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The daily ADX slope at uptick x% indicates the prior correction offer TON coin sufficient to lead a higher rally.</li> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The coin price challenging the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator projects the demand pressure exceeds the supply momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/key-levels-to-watch-if-toncoin-price-discovery-mode-week/">Key Levels to Watch if Toncoin Enters Price Discovery Mode This Week</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Key Levels to Watch if Toncoin Enters Price Discovery Mode This Week

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