Toncoin's TON token has seen a 2.05% price increase over the past 24 hours, taking it to $1.36. This extends the altcoin's upside momentum over the past week where TON has risen 3.72%.
Brief Summary of Recent Toncoin Price Activity
- Toncoin is up 3.72% over the last 7 days, showing sustained momentum
- 24-hour trading volume stands at $29.8 million
- Market capitalization is $4.67 billion with 3.4 billion TON in circulation
- TON saw a bounce after finding support around $1.20 in late June
After hitting a low of $1.18 on June 27, Toncoin has trended progressively higher over the past few weeks. The bounce from around $1.20 reaffirmed buyer demand and helped provide upside impetus for TON recently.
Toncoin Price Analysis and Outlook
Looking at Toncoin's daily chart, we can see a series of higher highs and higher lows forming over the past month. This demonstrates a short-term uptrend. TON also found support near the 50-day moving average last week before turning up.
The 50-day MA is trending above the 200-day, signaling a bullish posture overall. However, TON remains constrained under resistance around $1.60 and will need to clear this to open the door for more material upside.
Momentum indicators like the RSI have room to rise before being overextended, suggesting the current up-move may have further to run. Initial resistance is at $1.50, with the next target around $1.75 - $1.80.
My outlook for Toncoin is bullish above the 50-day MA near $1.30. A daily close under $1.30 would invalidate the short-term uptrend. I think TON can test the $1.75 level with momentum intact.
Can Toncoin Continue Appreciating in 2023?
After a rough 2022, Toncoin has found renewed buying interest in recent weeks. But it remains to be seen whether TON can sustain this positive momentum for the rest of 2023.
Toncoin aims to be a fast and efficient payments network built on the open-source TON blockchain. If adoption for TON and usage of Toncoin accelerates this year, upside price potential exists.
However, as a relatively new project Toncoin faces plenty of competition from the likes of Bitcoin, Litecoin and XRP in the payments space. User growth and developer activity will need to pick up to drive demand for TON.
Macroeconomic challenges may also limit upside if risk appetite declines broadly across markets. But if crypto sentiment stabilizes, I think Toncoin has room for additional appreciation this year.
Overall, Toncoin's technology and use case provide upside potential. But executing on developer and user growth will determine if TON can outperform the wider market in 2023. Further gains are possible but not guaranteed.
What Key Levels Should TON Bulls Watch?
In the near-term, Toncoin bulls want to see TON maintain the 50-day MA as support, currently around $1.30. This would keep the short-term uptrend intact.
Above $1.36, the first resistance level is near $1.50. Beyond that, a move above $1.60 would open the door for a test of $1.75.
For confirmation of a new bull trend, Toncoin would need to break decisively above the 2022 high near $2.00. This could set the stage for rapid gains.
On the downside, falling below the 50-day MA would negate the uptrend. In that scenario, TON may quickly drop to retest support around $1.20.
In summary, TON bulls want to see the altcoin hold $1.30 support and target $1.50 resistance initially. A close above $2.00 is needed to signal a bull run, while violating $1.30 support could lead to $1.20.