TON defies broader market trend, surges 12% to cement its spot in the top ten cryptocurrencies

TON trades just below $8, shedding a paltry 1% in the past day as trading volume dipped 43% to $289 million.

Native token of the Toncoin network, TON, has had a great week despite the broader market trend. While most coins, including Bitcoin and Ethereum, and even meme coins like Dogecoin and Shiba Inu, flashed red, hitting single-digit losses, and some like BNB lost over 10%, TON surged over 12% in the past seven days.

Now, one analyst believes that it might get even better for TON, which is currently ranked as the ninth cryptocurrency.

TON trades just below $8, shedding a paltry 1% in the past 24 hours as trading volume dipped 43% to $289 million. However, the token has gained 12.29% in the past week, hitting a weekly high at $.8.2246, just shy of its record price of $8.26, which it achieved in mid-June 2022.

From hitting a weekly low of $6.7704, the crypto surged 21.5% over the next three days.

To put this in perspective, Bitcoin and Ethereum both lost over 3.5%, Cardano and Dogecoin lost over 5.3%, BNB, Shiba Inu, and NEAR lost over 10% in the top 20 cryptocurrencies. Meme coin FLOKI dipped 27% in the past seven days, and Worldcoin lost 19%.

On the opposite end, Uniswap’s UNI gained an impressive 15.6%.

Crypto analyst Ali Martinez told his 64,000 followers on X:

Toncoin is gearing up for a potential 40% breakout, aiming for $11! However, the TD Sequential indicator suggests TON might briefly dip to $7.2 to gather liquidity before the upswing.

Another analysis supports the bullish thesis, pointing out that the token successfully broke past a Cup and Handle pattern when it surged past $7.70 on Monday.

Cup and Handle is a pattern in which the price of an asset resembles an «u» shaped cup with a smaller «u» pattern resembling the handle, and breaking past signals bullish momentum.

The analyst says that after breaking past the pattern, the price of TON is heading towards $10.86. However, investors should target the 161.8% Fibonacci level (which, in this case, will be $9.61) as a profit-taking point.

Other metrics indicate an influx of investors and users into TON. Its total value locked recently hit a new high and now stands just shy of $600 million.

For context, on April 1 this year, TVL stood below $100 million and has been on a meteoric rise in that time, with decentralized exchange DeDust leading the market at $294 million.

The surge in interest in Notcoin, the gaming coin on Telegram, has significantly influenced this metric.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-defies-broader-market-trend-surges-cement-spot-top-ten-cryptocurrencies.html

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