The TON value presently hovers at $1.28, representing a 4.54% value enhance within the final 24 hours. Its value 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 Value Positive factors?
In response to a Ton Developer Report, the ecosystem recorded a large enhance in developer involvement of as much as 102% in 2023. It is a important enhance from its earlier ranges in 2016. As well as, the report famous a number of occasions throughout the ecosystem that might be spurring the current surge. They embody the DoraHacks Hackathon, TON Wiki Problem, and the TON Grants program.
Additionally, the TON Builders Chats neighborhood 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 neighborhood 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 worthwhile contributions and rewarded 30 individuals with a complete prize of $5,000 in USD. Moreover, the TVM problem recorded the presentation of 11 initiatives with new options. The individuals competed for a share within the $54,000 prize pool.
Lastly, the Ton Internet App Problem presents ideas that reduce throughout varied ecosystems and their progress.
Apart from challenges, the TON Grants program supported 34 initiatives with roughly $66,000 in funding. These initiatives will doubtless positively have an effect on the ecosystem as soon as they’re full.
With these strategic packages, TON is reworking right into a builders’ hub, and the elevated exercise on the community is driving its value positive factors.
Can TON Attain $2?
TON reveals restricted buying and selling exercise with the small candles shaped on the day by day chart. It’s buying and selling beneath its 50-day and 200-day Easy Transferring Common (SMA), expressing a bearish sentiment. Additionally, the 50-day SMA is about to drop beneath 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 transferring sideways, confirming value volatility for the asset.
The Transferring Common Convergence/Divergence (MACD) is beneath the sign line, additionally expressing a bearish sentiment. Nonetheless, the Histogram bars are fading, hinting at a short-term value surge.
With all the symptoms 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
