While most cryptocurrencies are experiencing a period of volatility after a wave of rapid gains, Toncoin (TON) continues to defy the tide, recording a rise of over 60%
Toncoin (TON) has defied the crypto market downturn, notching up a 60% rise since its March 11 low as it continues to be supported by strong investment activity and a series of good news.
After hitting a low of $2.43, Toncoin's price has since rebounded to a recent high of $3.9 and is currently trading at $3.75. This makes it the best-performing cryptocurrency among the top 50 this week.
What's driving Toncoin's price up?
Toncoin's price performance can be attributed to an accumulation of positive news that has helped restore investor confidence.
Firstly, there was a sigh of relief in the market after Pavel Durov, the founder of Telegram, was allowed to leave France. Authorities had previously arrested him on suspicion of facilitating illegal activities on the messaging app, which impacted Toncoin despite his involvement with Telegram being indirect since 2020.
But the biggest news this week came from The Open Network Foundation, which announced that Toncoin has secured a $400 million investment from major venture capital firms.
According to the report by Blockware, the investment was split into two tranches, with the first $250 million being invested in Series Preferred units and an additional $150 million in Series Le units at a price of $24 per unit.
Among the participating firms are Sequoia, Ribbit, Benchmark, and Kingsway, which will be joining existing investors in this round of funding for Toncoin.
This massive investment is a huge price and sentiment booster for the coin.
What does the technical analysis say?
Technically, TON's chart is showing promising improvement. The price has now crossed the 50-day moving average for the first time in nearly three months and broke the downtrend line that has been accompanying the move since mid-January - a strong bullish signal.
If the momentum continues, the next targets are:
* $4.00 (resistance level)
* 100-day moving average (around $4.50 - $4.65)
* 200-day moving average (at $5.00)
However, after a 60% gain in a short period, there are concerns about potential profit-taking. If a correction begins, we may find the first support at $3.54 (the 500-day moving average), followed by $3, and then the final bottom at $2.45.
What's next for Toncoin?
The broader market is still in a state of anticipation and uncertainty. Unless there are further major updates on projects or investments related to TON, or if the broader market shows a strong recovery, it could be difficult to sustain further significant gains.
Investors are likely to remain cautious after such a rapid price increase.
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