Toncoin Faces Minor Pullback at $7.11 as Market Sentiment Shifts

Toncoin Faces Minor Pullback at $7.11 as Market Sentiment Shifts

Toncoin (TON) price shows a minor pullback by 3.70% in the last 24 hours, with the price at $7.11 with a 24-hr trading volume of $285,338,830.. According to market expert @laucrypto, if TON breaks out, it would see new ATHs of $10 and $13. As such, Toncoin has spent quite some time recently under the limelight for continuing to offer relatively outstanding performances, scaling an all-time high of $7.78. This is one of the features of a rally that has seen Toncoin gain market traction for the past months, with bullish views cycling around.

The increase in the value of Toncoin can be essentially pegged to whale transactions, which have increased by about 237% in significant buying activity in just one day. Chances are that the surge from huge investments will very likely increase investor confidence in the value of the Toncoin itself, hence its rise in value after that.  This is besides the launch of Notcoin, a meme coin using the Ton network.

Toncoin’s Market Dynamics and Technical Observations

Toncoin, the native token of the TON ecosystem, saw a price rise linked to the launch of Notcoin (NOT).Toncoin’s trading volumes have dropped by 10% to $152 million in the last day, indicating a possible downturn. Toncoin's price has slightly declined by 0.39% in the last 24 hours, holding a market capitalization of $15.52 billion and a current price of about $6.44.

 Technically, Toncoin trades above its 1-day Simple Moving Average but shows weakness in the 4-hour timeframe. The MACD indicator reinforces a bearish outlook, with resistance and support levels at $7.677 and $4.688, respectively. Falling below support could push prices to $3.34 while exceeding resistance might lead to new highs.

The chart indicates Toncoin’s recent movements, highlighting critical levels. The highest point reached was $7.3842, with a current price of $7.11, reflecting a 3.77% decline in the last 24 hours. The market cap stands at $17,278,059,223, which is a 3.64% decrease, while the 24-hour trading volume is $285,338,830, down by 31.15%.

Key levels to watch include a resistance level at $7.677 and a support level at $4.688. If the price falls below the support level, it could push prices down to the critical downside target of $3.34. Exceeding the resistance might lead to new highs, indicating a potential bullish trend.

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