Is Toncoin Going to Zero? TON Price Suddenly Drops 8% as New Bitcoin Project Raises $2.7 Million in Funding
TON Price Analysis: As Toncoin explodes following Telegram x The Open Network announcement, price enters retracement leaving some asking: is Toncoin going to zero? ALSO: Discover Bitcoin derivative project with +$2.6m raised....
- Toncoin (TON) has experienced a significant price surge after a project announcement and endorsement from popular messaging app Telegram.
- The explosive price action pushed TON into the top 10 cryptocurrencies.
- Price action has been invigorated with a +38% move in just 7 days, but now appears to be in retracement.
- TON is currently trading at $2.42, with resistance and support levels around $2.40.
- Moving averages indicate a growing divergence between price and MA levels, potentially triggering consolidation or retracement.
- The RSI shows overbought conditions, suggesting a need for a retracement and consolidation.
- The MACD remains bullish, indicating TON is unlikely to slow down.
- Upside potential could see TON breaking upper trendline resistance at $2.60, while downside risk could lead to retracement to lower support at $1.99.
- TON's risk: reward ratio is 0.38, indicating a potential retracement.
- However, TON is unlikely to go to zero and is expected to appreciate in the long term due to positive fundamental news from Telegram.
The sentiment of the article is generally positive, highlighting the recent price surge and positive fundamental news for Toncoin. However, there is also a cautionary tone regarding the potential for retracement and consolidation.