23.05.2024

Toncoin surges by 10% as the broader crypto market extends its losing streak

The cryptocurrency market is underperforming for the third-consecutive day this week, but TON is currently outperforming the other major cryptocurrencies.

TON, the native coin of the Toncoin cryptocurrency, is currently outperforming the other major cryptocurrencies.

It has added more than 10% to its value and is trading at around $1.3537 per coin at press time. There is no catalyst behind Toncoin&s ongoing positive performance.

The rally comes as the broader cryptocurrency market continues its poor performance. The total cryptocurrency market cap has dropped below $920 billion for the first time this month and risks dropping below the $910 billion level before the end of the day.

Bitcoin, the world&s leading cryptocurrency, continues its poor performance and has lost more than 3% of its value this week. BTC has dropped below the $19k level for the first time this week and is down by less than 1% in the last 24 hours.

Ether is also down by 1% today and is currently trading at $1,278 at press time.

Key levels to watch

The TON/USDT 4-hour chart is bullish, as Toncoin has been performing well over the past few days. Toncoin is the best performer amongst the top 100 cryptocurrencies by market cap today.

TON/USDT Chart 

The MACD line is above the neutral zone, indicating that the bulls are currently in control of the Toncoin market.

The 14-day RSI of 70 also shows that TON could enter the overbought region if the market condition improves further in the near term.

If the bulls remain in charge, TON could surge past the $1.693 resistance level over the next few hours.

However, TON would need the support of the broader cryptocurrency if it intends to reach September&s high of $2.14 during the weekend.

With the bears still around, TON could lose some of its gains and slip toward the $1.2001 support level before the end of the day.

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