The TON worth at the moment hovers at $1.28, representing a 4.54% worth enhance within the final 24 hours. Its worth achieve 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% achieve within the final 24 hours. However how far can the rally go?
What Might Be Driving TON’s Worth Positive factors?
In response to a Ton Developer Report, the ecosystem recorded a large enhance in developer involvement of as much as 102% in 2023. It is a important enhance from its earlier ranges in 2016. As well as, the report famous a number of occasions throughout the ecosystem that could possibly be spurring the current surge. They embody the DoraHacks Hackathon, TON Wiki Problem, and the TON Grants program.
Additionally, the TON Builders Chats group 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 big occasion for the ecosystem’s progress, because it boosted group 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 precious contributions and rewarded 30 members with a complete prize of $5,000 in USD. Moreover, the TVM problem recorded the presentation of 11 tasks with new options. The members competed for a share within the $54,000 prize pool.
Lastly, the Ton Net App Problem presents ideas that minimize throughout numerous ecosystems and their progress.
Other than challenges, the TON Grants program supported 34 tasks with roughly $66,000 in funding. These tasks will possible 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 worth beneficial properties.
Can TON Attain $2?
TON shows 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 Shifting Common (SMA), expressing a bearish sentiment. Additionally, the 50-day SMA is about to drop beneath the 200-day SMA, forming a Demise cross which confirms a rise in bearish stress.
The Relative Power Index (RSI) exhibits a worth of 31.42, near the oversold area 30. Nevertheless, the RSI is shifting sideways, confirming worth volatility for the asset.
The Shifting Common Convergence/Divergence (MACD) is beneath the sign line, additionally expressing a bearish sentiment. Nevertheless, the Histogram bars are fading, hinting at a short-term worth surge.
With all the indications screaming bearish stress, Toncoin will discover it laborious to maintain the rally within the brief time period and certain succumb to the rising stress from the bears within the coming days.
Featured picture from Pixabay and chart from TradingView.com