Toncoin (TON) Endures Market Pressure, Surges by 7.87% in the Last Seven Days

In the last seven days, the cryptocurrency market has experienced a considerable decline. Altcoins especially have been highly hit with a downside

Toncoin[TON]hasperformedexceptionallywellinthelastsevendays,surgingby7.87%andenduringthemassivemarketpressurethathasseenmostaltcoinsexperienceadownsideafterBitcoindeclinedby5.55%tohit$61k.What’sdrivingTON’srecentresilience?Notably,multiplefactorshavepushedTon’spricesoverthelastsevendays.Firstly,PantheraInvestmentinTonhasplayedacrucialroleinincreasingthemarketactivities.AccordingtoapostonX(formerlyTwitter)fromFounderandPanteraCapitalManagingPartnerDanMorehead,”Panterarecentlymadethelargestinvestmentinitshistoryin#TON.Heexplainedthat,“WebelieveTONcanintroducecryptotothemassesbecauseitisusedextensivelywithinthetelegramnetwork.”TheinvestmentbyPanteraCapitalhasseenmassivecapitalinflowintoTon,whichcanbeattributedtothecontinuedgrowth.Moreover,anotherfactorpushingTON’sresilienceisBinance’srecentintegration.Accordingtoreports,BinanceannouncedthecompleteintegrationofUSDTwithintheTONNetwork.Theintegrationiscriticalasitcreatesaconsiderableopportunityformorereachandincreasedutility.WhatTON’stechnicalindicatorsshowSource:TradingviewAMBCryptoanalysisshowsthatTONisexperiencinganupwardtrend.TheSMAisbelowthepricesonthedailychartataround$7.29,whilethepricesareat$7.50.AnSMAbelowpricesondailychartsimpliescontinueduptrendmovementandasustainedtrend.Source:TradingviewEqually,atpresstime,TONreportedanRSIof55afterarisefrom49.TheaboveRSIindicatesTONisexperiencinganupwardmovementandismorelikelytoexperienceshort-termgainsthanlosses.SincetheRSIhasbeenrisingandalmostcrossingoveritsRSI-basedMA,anuptrendisstrengthenedandwillcontinue.Source:SantimentLookingfurther,ouranalysisofSantimentshowsincreasedaccumulationbywhales.AccordingtoSantiment,thetotalsupplyheldbywhalessurgedfrom$52Mto$54Minthelastsevendays.ThissurgeshowsconfidenceinthealtcoinasWhaleshopetosellataprofitinthenearfuture.Theconfidenceandcontinuedaccumulationarepositivemarketsentiments.Source:SantimentAlso,analysisofSantimentshowsreducedexchangeoutflowfromahighof149kto4k.Thereducedexchangeoutflowindicateslowersellingpressure,resultinginholderskeepingassetsonexchangesandanticipatingshort-termtradingopportunities.Toncoin’snextmoveSource:TradingviewAtpresstime,TONtradesat$7.50andfacesaresistancelevelofaround$7.76.IfTONbreaksthisresistancelevel,thepriceswillmovetothenextlevel,around$8.24.Equally,the200EMAat$7.32indicatesthecontinueduptrendandwouldactasdynamicsupportifthereisacorrectionorpricetraces.However,TONmustmaintainitsstrongsupportlevelaround$6.78tocontinuethebullishtrend.

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