Is Toncoin Heading Down? TON Price Wobbles as New Dogecoin Rival Reaches $5.2M
The Toncoin ($TON) token powering The Open Network, a blockchain that is indirectly affiliated with popular messaging app Telegram, appears to be wobbling today.
In the early hours of the morning, the token posted intraday losses of around 8%, although the correction appears to have lost steam. At the time of writing, Toncoin is 1.5% down from this time last week and trades at around $7.14 per token.
The Open Network was a Layer 1 blockchain project initially started by popular messaging app Telegram in 2018, before spinning out in 2020 after the US Securities and Exchange Commission charged Telegram’s sale of Toncoin as a violation of securities laws.
According to the data for the last three months, Toncoin spiralled towards the end of May, reaching lows of $4.80 per token. The token recovered by the end of the first week of May and regained the $6 mark, where it has found strong psychological support over the period in question, as shown by the horizontal green lines.
However, the Toncoin token faces stiff resistance at $7.60, but with a relative strength index of 57 and climbing, there’s a chance it could climb a leg higher this week, or hold the fort at its current price. A major sell-off is unlikely, unless market leader Bitcoin (BTC) goes south.
Bitcoin remains virtually unchanged from this time last week at a price of $69,560.
Being a Layer 1, Toncoin ($TON) and The Open Network are cultivating an exciting ecosystem with some popular new token projects right now, including the tap-to-earn token/game dApp Notcoin.
However, for those looking to get a head start on the next big innovation in crypto, AI-integrated meme coins are the talk of the town.
A new generation of coins like ScottytheAI and WienerAI are doing what no
Read more on cryptonews.com
