Toncoin (TON) has exploded in recent weeks, after a huge project announcement saw the Web3 blockchain decouple from market downside moves, but with price now in retracement - is Toncoin going to zero?
The explosive price action - which pushed TON into the top 10 - comes following the news that popular messaging app Telegram have endorsed the TON network - in a move that positions Toncoin to capture huge Web3 market-share.
This comes as Telegram increase their prominence in the crypto space, beyond merely playing host to numerous crypto and project discussion groups, but now also hosting rapidly emerging Telegram trading bots.
Following the phenomenal project announcement - price action has been invigorated with a dramatic +38% move to the upside in just 7-days, leaving TON currently trading at a market price of $2.42 (representing a 24-hour change of +4.79%).
This comes as price action stalls around $2.40 - which acted as a level of resistance and support for TON earlier in the year.
Critically, the sudden upside move has left TON trading high above moving averages - with the 200DMA sat down at $1.80 and the 20DMA left in the dust at $1.91.
In a magnificent display, the push-up created a so-called 'golden cross' on September 15, as Toncoin's 20DMA overtook the 200DMA.
With price action breaking away, this growing divergence between price and MA levels could trigger a much-needed period of consolidation, or, even retracement to re-test lower support.
This view receives further confirmation from the RSI, which has over-heated significantly on the recent rally to show an overbought 73 with major bearish divergence indicating a need to retrace and consolidate.
However, following the golden cross, the MACD remains firmly bullish atRead more on cryptonews.com