Bears plagued the first part of Toncoin’s Q3 voyage, but bulls engineered a reversal.
Despite the recent decline, the price is still up 52.34% in the last 30 days.
Toncoin (TON), a noteworthy Layer-1 blockchain, had emerged as a beacon in the middle of a bear market. The community took notice of its recent price increase after it announced its partnership with Telegram. The official collaboration of the TON network by Telegram was front and center on September 13 during the Token 2049 event in Singapore.
Because of this increase, TON is now among the top 10 cryptocurrencies in terms of market cap as per data from CMC. The price increase in such a short period of time shows how in-demand this cryptocurrency is becoming.
Bears plagued the first part of Toncoin’s Q3 voyage, but bulls engineered a reversal, following a bullish momentum in the chart, and the coin even recorded a whopping 90% increase in the previous month, a few days back.
Bears Take Over
The cryptocurrency’s positive momentum had been going against the overall market sentiment for a prolonged period. However, for the last couple of days it has been declining in tandem with the general market sentiment.
Source: CoinMarketCap
At the time of writing TON is trading at $2.19, down 9.14% in the last 24 hours as per data from CMC. Moreover, the trading volume is up by 12.75%. Despite the recent decline, the price is still up 52.34% in the last 30 days.
If the price goes past the $1.96 support level then it will likely continue further downtrend all the way till $1.64. However, if the bulls could drive the price past $2.6 resistance level, then a fresh rally all the way till $4.4 level is expected.