Title: TON increases by 4.54% over the last 24 hours and reaches $1.28. How far can the rally go?
Caption: TON benefits from positive outlook on the global crypto market and a sharp increase in developer participation
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Toncoin (TON) recorded an increase of 4.54% in the last 24 hours and currently stands at $1.28. This marks another rise in a series of increases over the past few days. In total, the TON price increase over the last 7 days is 7.58%.
The rise in TON price could benefit from the positive outlook of the global cryptocurrency market. The cryptocurrency market is currently at its peak and has reached a total value of 1.18 trillion US dollars in the last 24 hours, representing a growth of 1.42%. This positive development could continue to add momentum to TON.
Increased developer participation also contributed to the rise in TON price. According to a report from Clay Developers, the ecosystem has seen a significant increase in developer participation, up to 102% in 2023 compared to previous years. This increase was primarily fueled by events within the ecosystem such as the DoraHacks Hackathon, the TON Wiki Challenge, and the TON Grants Program.
The DoraHacks hackathon played an important role in increasing community engagement. The TON Wallet challenge received 101 submissions from developers who competed for a share of the $40,000 prize pool. The TON Wiki Challenge received 50 valuable contributions and rewarded 30 participants with a total prize of $5,000.
Additionally, the TON grant program supported 34 projects with funding of approximately US$66,000. These projects are expected to have a positive impact on the ecosystem when completed. Overall, TON has transformed into a development hub, leading to increased activity within the network and strengthening pricing.
However, despite the current price rise, some indicators show downward pressure. TON shows limited trading activity with small candles on the daily chart and is trading below its 50-day and 200-day SMA, reflecting bearish sentiment. The 50-day SMA also appears poised to cross below the 200-day SMA and form a death cross, which could confirm continued downside pressure.
The relative strength index (RSI) shows a value of 31.42, close to the oversold zone of 30. However, the RSI is moving sideways, which indicates the price volatility of the asset. The Moving Average Convergence/Divergence (MACD) is below the signal line, which also indicates pessimistic sentiment. However, fading histogram bars indicate a possible near-term price rise.
Despite everything, we have to wait and see how TON will evolve in the coming days. The aforementioned indicators indicate downward pressure, which could make it difficult for Toncoin’s rally to continue. It remains to be seen how far the rally will continue and whether TON can eventually reach the $2 mark.
Image source: Pixabay
Chart source: TradingView.com