Is It Too Late to Buy Toncoin? TON Price Rockets Up 30% as AI Crypto Trading Tool LPX Secures $1.7 Million in Funding
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.
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.
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
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