Toncoin experiences sharp price swings, but recovers with institutional confidence; read on to find out what’s driving the market recovery.
Toncoin experienced a 15.5% price drop from $4.20 to $3.55, with 48-hour volatility reaching 21.3% annualized. However, the cryptocurrency has since rebounded, climbing 7% in the past 24 hours to $4.13, with venture capital firms now holding over $400 million in TON.
Toncoin is a cryptocurrency developed by the Russian company Free TON, which utilizes the Telegram messaging platform's infrastructure.
It was launched in 2020 as an open-source and decentralized alternative to traditional cryptocurrencies like Bitcoin and Ethereum.
Toncoin operates on a proof-of-stake consensus algorithm and has a fast transaction processing time of around 2-5 seconds.
The cryptocurrency also boasts low fees and high scalability, making it suitable for large-scale transactions.
The cryptocurrency market remains in turbulent territory as Toncoin (TON) demonstrates both significant volatility and remarkable resilience. After forming a head-and-shoulders pattern with strong resistance at $4.15, TON has recovered from its recent lows. It is now trading at $4.13 with a 12.5% weekly gain.
Price action formed a head-and-shoulders pattern with resistance at $4.15 and support at $3.60. The support level at $3.60 was breached during the April 3rd selloff. Volume analysis shows distribution phases coinciding with price peaks, suggesting institutional profit-taking.
Fibonacci retracement indicates potential stabilization around the 0.618 level at $3.58. A cup-and-handle formation appeared during recovery with initial resistance at $3.58. Strong buying pressure was observed during the 15:32-15:34 and 15:58 periods.
Price reclaimed the Fibonacci 0.382 level at $3.59, suggesting potential continuation toward $3.65.
- coindesk.com | TONs Dramatic Volatility Signals Market Uncertainty
