The TON worth presently hovers at $1.28, representing a 4.54% worth improve 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 Good points?
In keeping with a Ton Developer Report, the ecosystem recorded an enormous improve in developer involvement of as much as 102% in 2023. This can be a vital improve 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 development, 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 priceless contributions and rewarded 30 individuals with a complete prize of $5,000 in USD. Moreover, the TVM problem recorded the presentation of 11 tasks with new options. The individuals competed for a share within the $54,000 prize pool.
Lastly, the Ton Net App Problem presents ideas that reduce throughout varied ecosystems and their progress.
Except for challenges, the TON Grants program supported 34 tasks with roughly $66,000 in funding. These tasks 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 worth beneficial properties.
Can TON Attain $2?
TON reveals restricted buying and selling exercise with the small candles fashioned on the every day chart. It’s buying and selling under its 50-day and 200-day Easy Transferring Common (SMA), expressing a bearish sentiment. Additionally, the 50-day SMA is about to drop under the 200-day SMA, forming a Loss of life cross which confirms a rise in bearish strain.
The Relative Energy Index (RSI) reveals a worth of 31.42, near the oversold area 30. Nonetheless, the RSI is shifting sideways, confirming worth volatility for the asset.
The Transferring Common Convergence/Divergence (MACD) is under the sign line, additionally expressing a bearish sentiment. Nonetheless, the Histogram bars are fading, hinting at a short-term worth surge.
With all the indications screaming bearish strain, Toncoin will discover it arduous to maintain the rally within the quick time period and certain succumb to the rising strain from the bears within the coming days.
Featured picture from Pixabay and chart from TradingView.com