With the bears controlling the crypto market, many coin prices have gone south, trading at values far below their previous weeks’ prices. The downtrend could be due to increased bearish sentiments and fear among investors in the market.
However, the Toncoin (TON) token has gained slightly today March 9 after days of price decline. The coin saw notable rallies at the beginning of February but lost some cents due to the market-wide bearish sentiment that depressed the prices of top coins like Bitcoin.
As of March 7, Toncoin traded with a 7.83% price decline, according to data from TradingView. Even the technical indicators flagged a sell signal. However, today there have been some signs of recovery as the coin price is up by nearly 1.44% over the past 24 hours. But even though the 24-hour gain is increasing gradually, TON’s monthly gain is notable. Despite the bearish trend, the token has maintained its gains above the February 9 price of $2.20.
Recent Network Developments Could Be Behind TON’s Attempt To Recover Today
The Ton Starter team, a primary fundraising platform for TON, announced a $1.5 million seed round on March 7. The Ton network is hitting a milestone in adoption despite the market downturn. Hidden Beyond, an open-world action-adventure game, introduced a hybrid version of Metaverse and GameFi on Ton blockchain.
Hidden Beyond promised to offer endless NFT and token reward minting as players participate in games in the metaverse. The announcement came via TON’s official Twitter account on March 5.
Ton Pay also revealed new utilities to scale TON’s mass adoption. On March 4, it announced a new decentralized non-custodial payment solution for businesses that want to accept TON-powered transactions. These developments must have contributed to TON’s recent push to recover.
At press time, TON has observed a 12.87% increase in 24-hour trading volume, suggesting a growth in on-chain activity, which further confirms our assumption.
TON Price Outlook And Potential Price Actions Over The Next Few Days
TON is trading at $2.36, with a 1.44% price gain in 24 hours. According to historical data, TON traded at 2.18 on December 31, 2022, before adding some percentages, which brought its price to $2.31 on January 1. Though the token saw a few fluctuations here and there, it recorded impressive rallies in January and February. From $2.36 on February 24, TON rallied to $2.52 on March 1, even while most cryptocurrency prices were in the red.
However, it soon succumbed to the bears, gradually losing its gains until it retraced to $2.31 on March 7. But today’s slight gains shine a ray of hope that TON might soon recover the losses and resume its rally upward.
Following today’s technical outlook, TON’s classical pivot point (P1) is at $2.39, with support levels of $2.36, $2.34, and $2.31. TON’s technical resistance levels are $2.41, $2.44, and $2.47. The technical indicators show that current sentiment is neutral, while the Fear and Greed Index reads 44, suggesting fear in the market.
According to Coincodex, Toncoin observed 16 green days in a month, with 3.37% price volatility over the past 30 days. Following Coincodex TON’s price prediction, TON could record a 2.54% price increase on March 10, bringing its price to $2.44. But Coincodex also predicts that the TON price will drop by 2.53% and reach $2.32 by March 14, 2023.