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The monthlong consolidation in the crypto industry is on again, with Toncoin (TON) showing a rare growth trend. Per market data, TON has successfully decoupled from Bitcoin over the trailing seven-day period while maintaining its status as the best-performing altcoin in the top 20. With the latest outlook, the prospect of a breakout remains on TON's horizon.
Toncoin metrics turn bullish
Data from CoinMarketCap shows that Toncoin was trading for $3.63, up 1.4% in 24 hours as of press time. TON is obviously faring better when compared to the 2.8% drop in the price of Bitcoin within the same period.
Tomiwabold OlajideOver seven days, Toncoin has skyrocketed by 29.83%, its best weekly performance thus far this month. Beyond this price outlook, the trading volume of the digital currency has seen a 4.62% increase to $278,193,429.35.
Toncoin comes off as one of the most troubled altcoins on the market. Despite its breakout over the past week, it has dropped by over 34% year-to-date (YTD). The current rebound outlook suggests a potential price breakout is imminent if current bearish drawdowns are turned into strength.
TON price levels to watch
Over the past few weeks, the price of TON has moved from a low of $2.38 to a high of $3.83 as the bull-bear war rages on. The push for a breakout remains a concern for TON proponents. Earlier this week, the TON price jumped 6% in a move analysts believe implies the coin has bottomed out.
Toncoin has made other decisive price shifts in the past week, flipping Stellar in its push for higher price shifts. In its push for a sustained rebound, analysts are keeping an eye on the resistance level at $3.70. Should there be additional price breakdown, the coin could form support at $2.30.
Vladislav Sopov
Dan Burgin