Toncoin (TON) Surges in Crypto Market, Overtaking Chainlink

Toncoin (TON) Surges in Crypto Market, Overtaking Chainlink

Toncoin (TON) Surges in Crypto Market, Overtaking Chainlink

Since its inception as a blockchain-based messaging application, Toncoin (TON) has become a dominant force in the cryptocurrency market.

The reversal of Chainlink’s market position on Toncoin further bolstered this ascent. As of press time, the market capitalization of Toncoin was $8.06 billion.

In contrast, Chainlink possessed a market capitalization of $7.91 billion. However, TON’s price has increased to $2.35 over the past twenty-four hours.

In comparison, LINK exhibited a more favorable performance, experiencing a growth of 5.59% during the corresponding time frame.

Nevertheless, the increase in the market value of the initiative was not solely attributable to fluctuations in price or supply.

The endeavor was investigated and discovered that Toncoin users can now conduct decentralized finance (DeFi) and gaming on the blockchain.

Among the additional use cases are the provision of payment and supply chain infrastructure.

Thus, it appears that the utilization of the Toncoin blockchain has increased. Moreover, this has contributed to the increased prevalence of the TON token.

The technical reason for TON’s uptrend was the $2.26 support level that was established. Consequently, the price per ton escalated to $2.38. Similar-level resistance served as the impetus for the decline to $2.34.

Nonetheless, the decline might be a brief reversal before TON’s recovery.

The moving average convergence divergence (MACD) was the cause of this. When this was written, the MACD was 0.0097.

Additionally, the 12-day EMA (blue) had surpassed the 26-day EMA (orange), as indicated by the MACD. In general, this position signifies a favorable trend.

If purchasing momentum were to increase, TON could reach $2.43, the same price point that acted as the cryptocurrency’s November 16 rejection point.

Toncoin (TON) Surges in Crypto Market, Overtaking Chainlink
TON/USD 4-Hour Chart (Source: TradingView)

In addition, the Directional Movement Index (DMI) indicated that purchasers were in the lead over sellers.

At the time of composition, the +DMI (green) stood at 24.222, whereas the -DMI (red) was at 18.90. Nonetheless, the current DMI may not support a bullish thesis regarding TON.

The movement of tokens is predominantly influenced by the Average Directional Index (ADX). The ADX (yellow) indicates whether the direction of a trend is weak or robust.

When this was written, the ADX was 11.41. To validate the potential uptrend of TON, the ADX must attain a value of 25 or greater.

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