Toncoin (TON) recently witnessed a monumental 44% rise in its value, stemming from its integration with Telegram – a move that introduced The Open Network’s cross-chain interoperability to more than 800 million consumers. This bolted TON into the prestigious list of the top 10 most significant cryptocurrencies by market cap, causing a surge in market interest and making TON one of the most searched cryptocurrencies of the week. While these prospects might signal an ideal time to jump on buying Toncoin, it’s important to remember the volatile nature of the crypto marketplace.
Digging deeper into the numbers, Toncoin is now trading at a market price of $2.31, reflecting a 24-hour change of -3.74%. The dip was expected, seeing as the previous surge was a sudden 44% bounce off the 200DMA. This shift was due to an impressive technical line-up, initiated by a robust consolidation at the lower trendline in early August.
Even now, amidst this retracement, Toncoin continues to exhibit a strong support base via the 20DMA and 200DMA following the ‘golden cross’ pattern. This indicates that a period of retracement and consolidation at a high point in the trading channel could potentially pave the way for Toncoin to surge again. Yet, there’s also an equally significant risk of a dip, with the 20DMA at $2.00 signalling that the downside risk could be around -13.6%.
Thus, despite immense potential, Toncoin could be a risky venture for short-time frame traders, but patient traders might see considerable rewards for waiting for a lower entry.
Meanwhile, there’s growing interest in the upcoming Launchpad XYZ (LPX), a state-of-the-art ecosystem projected to lower the entry barrier to Web 3.0. The platform’s suite of features, such as NFT discovery, Decentralized Exchange (DEX), a Web3 wallet, and utility token analysis is set to revolutionise the crypto world. Its $LPX token provides several benefits, including fee discounts, exclusive early access to NFT mint whitelists, presales and much more and is expected to garner a lot of attention among investors.
However, any crypto investment comes with significant risks, and both Toncoin and Launchpad XYZ are no exception. While they present enormous opportunities, investors should remember that the crypto market is a high-risk venture, and there’s always a chance you might lose all of your capital. As always, be informed and make decisions judiciously.
Source: Cryptonews
