Despite the broader cryptocurrency market experiencing fluctuations and challenges, TON (The Open Network) has demonstrated remarkable resilience. Holding steady in the face of varying market sentiments, TON’s price stability has attracted attention from investors and analysts alike.
This resilience raises a critical question, can TON maintain its strength and continue to thrive as the market potentially enters a tougher phase, often referred to as the crypto winter?
TON’s price was trading at around $7.56 and was up by 4.03% with a market capitalization of over $18 billion and a trading volume of over $392 million as of the time of writing. There has been a 24-hour increase of 3.84% and 14.75% in TON’s market capitalization and trading volume respectively.
This article examines the price action of TON in detail to assess if the market of the crypto asset will continue to be optimistic or whether further gains are likely before a decline.
Analyzing TON’s Performance Amidst Crypto Fluctuations
On the 4-hour chart, the price of TON is actively bullish, and an upward move toward the $7.7 resistance level is being attempted. This followed after the price failed to break below the bullish trend line. It should also be noted here that the asset is actively trading above the 100-day Simple Moving Average (SMA) which suggests that TON might extend its upward trajectory.
With the signal line of the Relative Strength Index (RSI) trending above 50% after an unsuccessfully attempted drop below it, the indicator confirmed the above claim that the digital asset might extend its upward movement.
An analysis of TON’s current price action on the 1-day chart reveals that the bulls are still very active in the market as the price experiences a strong rejection after attempting a drop toward the bullish trend line. It can therefore be said that TON is actively bullish and may extend its bullishness.
Adding to this, is the 1-day RSI indicator signaling more positive movements for TON’s price as the signal line after a drop to the 50% level, is beginning to rise above it again.
Can TON Withstand The Crypto Winter?
Exploring the prospects and strategies of TON for enduring future market downturns, it was revealed that if the crypto asset continues to move upward and break above the $7.7 resistance level. It may move higher to test the $8.2 resistance level and probably move on to create a new all-time high if the price breaches this level.
However, if it fails to break above the $7.7 resistance level, it will begin to move downward toward the $6.7 support level. Should the price breach this support level, it may move further to test the $6.05 support level and possibly other lower levels.