Toncoin (TON) Price Enters 42% Rally as Bull Traders Buy the Dip
The post Toncoin (TON) Price Enters 42% Rally as Bull Traders Buy the Dip appeared on BitcoinEthereumNews.com.
Toncoin price rose by another 6.5% on Friday Aug, hitting a weekly peak of $6.81, here’s why TON rally intensified while rival mega cap assets retreated. TON Skips Ahead of Market Average With another 6.5% Rally Toncoin price action this week has been nothing short of volatile, starting the week on a negative note, as it crashed to a 3-month low of $4.78 on August 5 as market-wide bearish sentiment weighed heavily on prices. However, TON quickly reversed course, thanks to several bullish catalysts that provided a much-needed boost to its price. One of the key drivers behind TON’s rally was the significant inflow of capital into exchange-traded funds (ETFs) focused on blockchain and digital assets. These inflows signaled growing institutional interest in the space, providing a tailwind for cryptocurrencies like TON. Additionally, the recent $125 million fine imposed on Ripple by the U.S. Securities and Exchange Commission (SEC) created a temporary shift in investor sentiment, as some traders rotated capital into other altcoins, including Toncoin. Toncoin Price Action TONUSD | TradingView Another major factor contributing to TON’s rally was Russia’s move to legalize crypto mining. This development was particularly impactful for TON, as the cryptocurrency has strong ties to the Russian market. The legalization of mining not only provided a regulatory boost but also increased confidence among investors that Toncoin would continue to see adoption and usage in the region. By August 9, TON had surged by a staggering 42% from its August 5 low, breaking above the $6.80 resistance level with another 6.5% rally. This breakout allowed TON to outperform other major cryptocurrencies, such as Ethereum and Shiba Inu, which faced resistance and subsequently pulled back on the same day. Toncoin Network Usage Surged Amid Market Crash While the broader cryptocurrency market faced significant headwinds, Toncoin’s network activity…
Filed under: News - @ August 10, 2024 6:10 pm