bullish

Litecoin

Toncoin

Toncoin’s price has bounced back, increasing by 3.5% to reach $6.60. This recovery follows a dip below $6.50 showing a 9.5% decrease over the week. At the same time, data from on-chain sources indicates a reduction in TON network activity paired with an uptick in speculative trading. 
On August 5th, TON emerged as one of the top gainers alongside Litecoin and XRP after a market crash. While XRP’s surge was linked to a court ruling in the Ripple vs. SEC case, TON’s price benefited from Russia’s law legalizing crypto mining introduced on August 8th. This legislation also had positive effects on other&nbsp; Proof of Work (PoW) cryptocurrencies like Litecoin and Bitcoin. 
<h3 id="span-style-font-weight-400-russia-s-crypto-mining-law-influences-toncoin-s-price-surge-span">Russia’s crypto mining law influences Toncoin’s price surge</h3> 
Toncoin’s price performance was notably strong due to its ties to the Russian market. After a volatile start to August, with the price falling to its lowest in three months at <a href="https://www.tradingview.com/symbols/TONCOINUSD/" target="_blank" rel="noopener">$4.78 on August 5,</a> the cryptocurrency saw a recovery, reaching $7.10 by August 19. 
Short-term traders who purchased TON during the early August dip are now realizing profits. On August 22, Toncoin’s price fell below $6.50, following four consecutive days of losses and marking a 9.5% retracement since August 18. The inability to surpass the $7.50 resistance level has dampened bullish momentum. 
<h3 id="span-style-font-weight-400-toncoin-network-activity-declines-by-40-span">Toncoin network activity declines by 40%</h3> 
During the 48% rebound from the August 5 lows, bulls dominated the TONUSD price action. However, the focus has increasingly shifted toward speculative trading at the expense of fundamental network activity. 
<figure id="attachment_573143" aria-describedby="caption-attachment-573143" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-573143 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity.png" alt="Toncoin rebounds 3.5% to $6.60 amid diminishing network activity" width="1920" height="564" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity-300x88.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity-1200x353.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity-768x226.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Toncoin-rebounds-3.5-to-6.60-amid-diminishing-network-activity-1536x451.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-573143" class="wp-caption-text">
 Toncoin Price vs. TON Network Fees Source: IntoTheBlock
 </figcaption>
</figure> 
Data IntoTheBlock shows that Toncoin network fees dropped from 15,650 TON on August 14 to 9,500 TON as of August 21, marking a 40% decline. 
The Bollinger Bands also show that TON is trading near the <a href="https://www.tradingview.com/chart/?symbol=HITBTC%3ATONCOINUSD" target="_blank" rel="noopener">lower band.</a>&nbsp;The key resistance levels are $7.22 and $7.50, while critical support levels are $6.34 and $5.96. 
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Toncoin rebounds 3.5% to $6.60 amid diminishing network activity

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