The TON value at present hovers at $1.28, representing a 4.54% value improve within the final 24 hours. Its value acquire within the final 7 days stands at 7.58%. Toncoin is probably going benefiting from the optimistic outlook of the worldwide crypto market, standing at $1.18 trillion, representing a 1.42% acquire within the final 24 hours. However how far can the rally go?
What May Be Driving TON’s Value Positive aspects?
In keeping with a Ton Developer Report, the ecosystem recorded a large improve in developer involvement of as much as 102% in 2023. It is a important improve from its earlier ranges in 2016. As well as, the report famous a number of occasions inside the ecosystem that may very well be spurring the current surge. They embrace the DoraHacks Hackathon, TON Wiki Problem, and the TON Grants program.
Additionally, the TON Builders Chats neighborhood grew by 6.5% in Q2 2023, with 9,134 members by the tip of June. This means rising curiosity amongst builders within the Toncoin community.
The DoraHacks Hackathon was a major occasion for the ecosystem’s progress, because it boosted neighborhood engagement. The TON Pockets problem additionally recorded 101 submissions from builders competing for a share within the $40,000 prize pool.
Equally, the TON Wiki Problem obtained 50 beneficial contributions and rewarded 30 individuals with a complete prize of $5,000 in USD. Moreover, the TVM problem recorded the presentation of 11 initiatives with new options. The individuals competed for a share within the $54,000 prize pool.
Lastly, the Ton Net App Problem presents ideas that lower throughout varied ecosystems and their progress.
Except for challenges, the TON Grants program supported 34 initiatives with roughly $66,000 in funding. These initiatives will probably positively have an effect on the ecosystem as soon as they’re full.
With these strategic packages, TON is remodeling right into a builders’ hub, and the elevated exercise on the community is driving its value good points.
Can TON Attain $2?
TON exhibits restricted buying and selling exercise with the small candles shaped on the each day chart. It’s buying and selling beneath its 50-day and 200-day Easy Transferring Common (SMA), expressing a bearish sentiment. Additionally, the 50-day SMA is about to drop beneath the 200-day SMA, forming a Dying cross which confirms a rise in bearish strain.
The Relative Power Index (RSI) exhibits a worth of 31.42, near the oversold area 30. Nonetheless, the RSI is transferring sideways, confirming value volatility for the asset.
The Transferring Common Convergence/Divergence (MACD) is beneath the sign line, additionally expressing a bearish sentiment. Nonetheless, the Histogram bars are fading, hinting at a short-term value surge.
With all the indications screaming bearish strain, Toncoin will discover it laborious to maintain the rally within the quick time period and sure succumb to the rising strain from the bears within the coming days.
Featured picture from Pixabay and chart from TradingView.com
