Toncoin (TON) is testing crucial factors in 2024

Toncoin (TON) is testing crucial factors in 2024

A total of two factors are banking against Toncoin (TON), contributing to the dip of 0.84% in the last 24 hours, effective at the time of writing this article. First, it is the reduced interaction of new users with the network. Second, it is the image of being a dark horse. It is imperative to view TON as the potential candidate with the capability to mark several upswings while ensuring that new users are active on the network.

To put things into perspective, there is a decline from 8.2 million to 4.3 million in terms of number of transactions. It compounds with a decline from 500,000 to 320,000 in terms of number of daily active addresses. The network has seen both falls occur heavily – thereby negatively impacting its value in the market.

TON Network is tasked with correcting all the figures that have plummeted if it wishes to test an upper resistance zone. TON’s price trajectory is positive, but the scene could change if the dips sustain longer than they should or longer than the community can hold on to their sentiments. Interactions were decent earlier. The decline has taken a hit to trigger speculation if it will eventually regain the pace.

That brings the community to review the token value. TON is exchanging hands at $6.32 at the press time. This is down by 4.67% in the last 7 days and up by 13.39% in the last 30 days. Red trades have prevailed more during the timeline, which spans over a week. There is a slight decline in the market cap of 0.85%; however, the 24-hour trading volume has surged by 49.47%.

TON is testing crucial resistance levels of $6.30 and $6. Falling beneath the latter would potentially open the door for further declines. It is poised to test the resistance of $7.659 and push the milestone further. The Relative Strength Index stands at 54.31. The CMF has surged to 0.10 – hinting that there is sufficient fund flow into the ecosystem with possible increases in the flow.

Toncoin is testing patience to be more direct. It has not made a way toward bulls or bears since April 11, 2024. Sentiments are bullish, but that could be the overall sentiment spreading its odds into the Toncoin ecosystem.

What happens next for TON will be an interesting picture. The coin is expected to move upward. At the same time, it is slated to retrace to a lower value for a little while. It can establish bull runs if it moves beyond $7.659 soon. At best, it shows any sign of moving in that direction without any stoppage holding it back.

The crypto market is riding the bull run for multiple reasons, including ETFs and global recognition. It is not necessary for every token to get carried forward in the wave. Toncoin is doing its best, evident from the prevailing bullish sentiment despite a couple of downturns.

Scott Cook: Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.