Toncoin (TON) is undertaking localised retracement after a monumental +44% bounce off 200DMA support, but as The Open Network price drops – is it too late to buy Toncoin? Find out in TON price analysis.
The sudden upside move comes following news that leading messaging app Telegram has integrated TON’s wallet Ton Space; delivering The Open Network’s cross-chain interoperability to more than 800m users.
With the bullish announcement fuelling TON’s rise into the top 10 biggest cryptocurrencies by market cap, market interest is exploding – with TON continuing to place as one of the most searched cryptocurrencies of the week.
TON Price Analysis: Is it Too Late to Buy Toncoin After Telegram Integration Price Surge?
Amid the localised retracement move, Toncoin continues to sit high in the channel, currently trading at a market price of $2.31 (representing a 24-hour change of -3.74%).
The retracement move comes following the +44% bounce off the 200DMA (now trading at $1.80) on September 13, in a sudden spike that hammered up to test trendline resistance at $2.55.
This comes following impressive technical structure, triggered after a strong consolidation at the lower trendline during the beginning of August.Â
With support of the ascendant 20DMA price surged up more than 121% over the course of the month, highlighting the importance of moving average levels for TON price action.
Furthermore, in the midst of the sensational upside move, the 20DMA has overtaken the 200DMA, forming an extremely bullish ‘golden cross’ on September 9.
Toncoin’s indicators reflect the substantial momentum underpinning TON price action, with the RSI spiking up to a severe over-bought signal on the recent upside move.
The RSI now stands at 64, cooling gradually with the localised retracement move, but clearly demanding price comes down further.
While the MACD remains with bullish divergence at 0.0405 – reflective of the dramatic move.
Overall, this leaves Toncoin technical structure in great form – with strong support from both the 20DMA and 200DMA following the golden cross pattern – suggesting a period of retracement and consolidation high in the trading channel could prime TON to skyrocket.
To the upside, this leaves TON targeting a break above upper trendline resistance at $2.60 (a possible +12.3%).
While to the downside, risk is limited by the 20DMA at $2.00 (a potential -13.6%).
This leaves Toncoin with a risk: reward ratio of 0.9 – a bad entry on the short-time frame due to retracement and consolidation risk – however, patient traders could be rewarded for waiting a lower entry.
Yet, while TON markets sit on the fence, the most profitable traders are already scouring on-chain markets for market beating alpha that could unlock their next moon-shot trade using Launchpad XYZ.
Find Alpha for Next Big Trade with Launchpad XYZ: Exclusive Access Ends in 5 Days!
There is less than a day left to buy Launchpad XYZ (LPX), an innovative ecosystem designed to lower the entry barrier to Web 3.0 with user-friendly tools, insights, and analytics.
Whether you’re a seasoned crypto user or just starting, this platform offers a range of features, such as NFT discovery, a decentralized exchange (DEX), a Web3 wallet, and utility token analysis.
At the heart of the Launchpad XYZ ecosystem lies the $LPX token – holders who stake a minimum of 10,000 tokens can reap numerous benefits, including substantial fee discounts, exclusive early access to NFT mint whitelists and presales, beta play-to-earn game launches, as well as cool community prestige badges.
The platform’s intention to list LPX on major cryptocurrency exchanges is expected to drive significant demand for the token.
Following the introduction of its primary features in Q3 2023, Launchpad XYZ anticipates substantial user adoption.
With its maximum token supply of 1 billion, $LPX is set to launch on crypto exchanges later this year with a fully diluted market cap of $70 million. This makes it a platform to watch in the rapidly evolving crypto industry.
Given its comprehensive suite of features and ambitious vision, Launchpad XYZ is set to break barriers and redefine the crypto space.
As it facilitates an inclusive Web3 ecosystem, the $LPX token is proving itself a promising opportunity for investors. Whether you’re new to the crypto world or a seasoned investor, Launchpad XYZ is one platform you can’t afford to overlook in 2023.
Explore the latest Web3 presale projects, P2E Hub for gaming, the Metaverse Experience Library, and the Trading Terminal for an immersive experience.
Future developments include a marketplace for fractionalized assets, a Trading Edge Game, and creator tools for brands.
Don’t miss out on the opportunity to invest in Launchpad XYZ, a promising project with the potential for significant growth.Â
For more information, visit Launchpad XYZ today, also stay tuned with the project Twitter and Telegram to receive all of the latest updates and team news.
Buy LPX Here
.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
