-
Toncoin has been bullish lately
-
The Cryptocurrency Is Retesting the Resistance at $1.97
-
Investors Should Watch for Breakouts for an Opportunity to Buy the Token
TONCOIN (TON/USD) trades at $1.97. The level is an important resistance area; This is the third time the cryptocurrency has tested this since September. TONCOIN was trading with increasing momentum at the important level, which means that buyers were looking for a potential breakout. Will it happen?
Toncoin is a decentralized blockchain and a layer-1 protocol. The project was founded by Telegram in 2018 before being abandoned. The acquisition by the TON Foundation changed its name from “Telegram Open Network” to “The Open Network” or simply, TON.
TON is a community-driven protocol. It features a flexible architecture with a focus on the specific customer. The mission of blockchain is to be a robust ecosystem for decentralized services, storage, instant payments, and a domain name system. It is considered to be one of the fastest blockchain. In September 2021, at the height of the crypto boom, TON processed a then world record of 55,000 transactions per second in a competition. TPS has since evolved rapidly in line with improvements in technology.
Toncoin, the native token, however, has succumbed to the bear market. The token peaked at $4.8 in December 2021. It now trades for less than half the price, though the price is still strong compared to most cryptocurrency, TONCOIN is now alerting the bulls ahead of their next move.
TONCOIN reclaims the resistance level of $1.97
TONCOIN/USD Chart by TradingView
Technically, TONCOIN is trading bullish and showing a positive momentum. The MACD indicator is bullish as the cryptocurrency recaptured the $1.97 resistance. A break above the resistance would allow TONCOIN bulls to push the price to the next potential resistance at $2.8.
What’s next for Toncoin?
Wait for confirmation of a breakout at $1.97 before buying TONCOIN. With the cryptocurrency getting rejected three times at an important level, investors should also prepare for a correction. Rejection of the upside will bring TONCOIN back to $1.
where to buy toncoin
Since TONCOIN is such a new asset, it is not yet listed on major exchanges. You can still buy Toncoin using a DEX (Decentralized Exchange), which means there are a few extra steps. To buy TONCOIN now, follow these steps:
1. Buy ETH on a regulated exchange or broker, such as eToro ›
we suggest eToro Because it is one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It is also beginner-friendly, and has more payment methods available to users than any other service available.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You have to create your wallet, get your address, and send your coins there.
3. Connect your wallet to 1 inch DEX
Head up to 1 inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for TONCOIN
Now that you are connected, you will be able to exchange up to 100 coins including TONCOIN.