Toncoin (TON) recently experienced a localised retracement after a significant +44% bounce off its 200-day moving average (DMA) support. However, with the recent drop in price, many are wondering if it is too late to buy Toncoin. The surge in price was fueled by the integration of TON’s wallet Ton Space into the leading messaging app Telegram, giving more than 800 million users access to The Open Network’s cross-chain interoperability. As a result, TON rose to become one of the top 10 cryptocurrencies by market capitalization. Market interest in TON has skyrocketed, making it one of the most searched cryptocurrencies of the week. With the current retracement, Toncoin is trading at a market price of $2.31 with a 24-hour change of -3.74%.
Toncoin’s recent upside move followed a period of strong consolidation at the lower trendline during the beginning of August. With the support of the ascendant 20DMA, the price surged over 121% in a single month, highlighting the significance of moving average levels in TON price action. Furthermore, a golden cross pattern was formed on September 9 as the 20DMA overtook the 200DMA, showcasing a strong technical structure for Toncoin. The RSI spiked to a severe overbought signal during the recent upside move and currently stands at 64, indicating a need for further downward price correction. The MACD also shows bullish divergence at 0.0405, reflecting the significant momentum behind Toncoin’s price action.
Toncoin’s technical structure, with support from the 20DMA and 200DMA, suggests a period of retracement and consolidation high in the trading channel. Despite the short-term retracement and consolidation risk, patient traders could be rewarded for waiting for a lower entry. The upside target for TON is a break above the upper trendline resistance at $2.60, representing a potential gain of +12.3%. On the downside, the risk is limited by the 20DMA at $2.00, indicating a potential loss of -13.6%. Toncoin’s risk-to-reward ratio stands at 0.9, making it a less favorable entry point in the short term.
While TON continues its retracement, savvy traders are already exploring on-chain markets for market-beating alpha using Launchpad XYZ. Launchpad XYZ is an innovative Web 3.0 ecosystem designed to lower the entry barrier for users and provide user-friendly tools, insights, and analytics. Whether you are a seasoned crypto user or just starting, Launchpad XYZ offers a range of features such as NFT discovery, a decentralized exchange (DEX), a Web3 wallet, and utility token analysis. The ecosystem’s core is the $LPX token, and holders who stake a minimum of 10,000 tokens can enjoy numerous benefits, including substantial fee discounts, exclusive early access to NFT mint whitelists and presales, beta play-to-earn game launches, and community prestige badges.
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While Toncoin undergoes a retracement, the potential for growth remains high. Its recent integration with Ton Space on Telegram has generated significant market interest. Launchpad XYZ, on the other hand, offers a range of user-friendly tools and utilities in the Web 3.0 space, making it a platform with immense potential for growth. Both Toncoin and Launchpad XYZ present exciting opportunities for investors looking to navigate the ever-evolving world of cryptocurrencies. However, it is essential to remember that cryptocurrency investments are highly risky. This article is for informational purposes only and should not be considered investment advice. Always do thorough research and consult with a financial advisor before making any investment decisions.