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With the bears in charge of the crypto market, several coin prices have plummeted, trading at levels significantly below their previous week’s values. The market’s decline might be attributed to heightened pessimistic emotions and panic among investors.
Nonetheless, following days of the price drop, the Toncoin (TON) token has risen marginally today, March 9. The currency had large increases at the beginning of February, but lost several pennies owing to market-wide adverse sentiment, which pushed down the values of top currencies such as Bitcoin.
According to TradingView statistics, Toncoin’s price had dropped 7.83% as of March 7. Even the technical indications signaled a sell. But, there are some indications of recovery today, as the coin price is up about 1.44% in the last 24 hours. TON’s monthly growth, however, is significant, despite the fact that the 24-hour gain is rapidly growing. Despite the negative trend, the token has remained above its February 9 low of $2.20.
On March 7, the Ton Starter team, TON’s principal fundraising platform, announced a $1.5 million seed round. Notwithstanding the market slump, the Ton network is approaching a critical mass in terms of adoption. Hidden Beyond, an open-world action-adventure game, debuted a New blockchain-based hybrid version of Metaverse and GameFi.
Hidden Beyond offered limitless NFT and token reward minting when people participated in metaverse games. On March 5, TON’s official Twitter account made the announcement.
Ton Pay also introduced new tools to help TON reach a wider audience. It introduced a new decentralized non-custodial payment option for businesses that wish to accept TON-powered transactions on March 4, 2018. These changes must have aided TON’s current recovery drive.
At the time of writing, TON has seen a 12.87% spike in 24-hour trade volume, indicating a surge in on-chain activity, which verifies our theory.
TON is now trading at $2.36, up 1.44% in the last 24 hours. According to historical statistics, TON traded at 2.18 on December 31, 2022, before increasing by a few percentage points to $2.31 on January 1. Despite there were some swings, the token saw remarkable rises in January and February. TON rose from $2.36 on February 24 to $2.52 on March 1, despite the fact that other cryptocurrency values were in the red.
But, it quickly fell to the bears, erasing its gains steadily until it retraced to $2.31 on March 7. Nonetheless, today’s little advances provide some hope that TON may soon recover its losses and restart its upward trend.
The traditional pivot point (P1) for TON, according to today’s technical forecast, is around $2.39, with support levels at $2.36, $2.34, and $2.31. Technically, TON is facing resistance at $2.41, $2.44, and $2.47. The technical indications indicate that the present mood is neutral, but the Fear and Greed Index reading of 44 indicates that there may be fear in the market.
Coincodex reports that Toncoin saw 3.37% price volatility over the previous 30 days and 16 green days in a month. On March 10, TON’s price might climb by 2.54%, reaching $2.44, in accordance with Coincodex’s price prediction. However, Coincodex also believes that by March 14, 2023, the TON price would fall by 2.53% and hit $2.32.
