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Toncoin (TON) investors took to optimism after OKX introduced support for the Toncoin (TON) network, which is connected to the Telegram messaging software
Crypto exchange OKX has added support for the Toncoin (TON) network, connecting it to the OKX Wallet. This marks the 100th protocol to be integrated into the wallet.
The initiative comes as part of OKX's expansion effort, which it describes as the "on-chain, any chain" principle.
OKX Wallet users can now easily find, manage, trade and move assets on $TON and TON into the popular OKX Wallet, which boasts strong self-custody security.
Why Is TON Falling?
The price of Toncoin failed to hold above the gains at $7.63, kicking off the day's trading on a sour note.
The bears are putting up a continuous fight against the price, suggesting that traders are now booking profits at each increment.
As a result, the price is failing to continue its consistent upward trajectory like it did at the conclusion of Q1. However, the token's bullish outlook is still maintained by the TON price's reasonable defense of the support zone.
The price of TON has entered a critical zone, and a bearish daily close could lead to fresh lows for the month.
Despite this, the price of Toncoin is still projected to increase by 228.25% to reach $23.87 in the upcoming month.
Other technical indicators show that the current sentiment for the coin is bearish, and the Fear & Greed Index is currently reading 69 (Greed).
Over the previous 30 days, Toncoin had 17/30 (57%) green days and 3.34% price volatility.
Data also indicates an overall bearish sentiment for Toncoin price prediction with 13 technical analysis indicators giving bullish signals, whereas 14 indicators give bearish signals.
The 200-day SMA for Toncoin will increase over the next month, reaching $6.64 on Aug. 16, 2024.
The short-term 50-day SMA for Toncoin is set to reach $11.60 on Aug. 16, 2024.
The Relative Strength Index (RSI) is a momentum oscillator that is widely used to indicate when a cryptocurrency is either overbought (above 70) or oversold (below 30). At the moment, the RSI reading of 48.12 shows that the TON market is neutral.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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