Why Toncoin has not joined Bitcoin, Ethereum, in the latest crypto rally

Notably, TON has been struggling to join the crypto rally. Despite its weak performance, it boasts a solid $22 billion market cap, placing it in the top 10 cryptocurrenciesSo, while the price action might be sluggish, it’s still holding a significant place in the crypto ecosystem.TON’s impressive growth in the past six months. Specifically, the number of non-empty wallets holding TON has shot up by 110%, reaching 16,800.

Toncoin reached a high near $6.75 and a low around $6.20, indicating a trading range of $0.55 over the past five days.After reaching its peak, Toncoin experienced a sharp decline, thanks to a strong sell-off or profit-taking near the highs. The price stabilized somewhat after reaching lows, suggesting some level of support around the $6.20 mark.

TON’s trading volume has been relatively consistent, with spikes correlating closely with significant price movements. This means that there is active trading during periods of high volatility. Over the five days, the most consistent support level appeared at around $6.20, and the price bounced back multiple times due to the bears staying largely in control.Due to the strong bearish pattern, it has witnessed, TON will likely fail to hold on to the $6.2 support level, thereby plunging below $6 or even $5.5. But if it holds on, a modest rise to $6.5 might be on the horizon.

Source: Digital Coin News (digitalcoinnews.net)

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