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Toncoin [TON] is carving its own path in the cryptocurrency market, shifting expectations as it approaches significant price points.
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Recent analysis shows that Toncoin’s resilience and bullish structure suggest a potential rise beyond the $4 mark could be imminent.
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According to a report from IntoTheBlock, Toncoin has demonstrated a unique price behavior, maintaining low correlation with major crypto assets like Bitcoin [BTC] and Shiba Inu [SHIB].
This article explores the recent performance and future potential of Toncoin, emphasizing its price resilience and market independence.
Toncoin can push beyond $4 soon
Toncoin has exhibited noteworthy bullish momentum that may propel it past the $4 threshold shortly. The token’s lack of correlation with Bitcoin and other mainstream cryptocurrencies has encouraged bullish traders to view this as a signal for further investment.
Independent Growth Amidst Broader Market Trends
Data from IntoTheBlock indicates that Toncoin has experienced a +0.53 correlation with Shiba Inu over the past month and a mere +0.23 correlation with Bitcoin. This independence shows Toncoin’s unique market dynamics, suggesting that it could continue to ascend regardless of Bitcoin’s performance.
Market Structure and Support Levels
As Toncoin has rallied from a low of $2.35 to around $3.95, the overall market structure remains bullish. The token’s ability to maintain gains implies that the $3.83-$3.94 range will likely act as a strong support level, with an expected resistance at approximately $4.42-$4.54. This positioning is crucial for traders looking to make informed decisions.
Source: IntoTheBlock
Rising Network Activity Bodes Well
March has seen a significant increase in Toncoin’s network activity, with a rising number of daily active addresses signifying greater demand. Additionally, the recent uptick in dormant circulation suggests that investors and holders are actively engaging with their assets, potentially taking profits but also indicating a robust market participation.
Source: Santiment
Conclusion
Toncoin stands on the brink of significant price movements, with market indicators and structures favoring a bullish trend. As the asset breaks past previous resistance levels and gains traction within the broader cryptocurrency landscape, investors may want to closely monitor Toncoin’s price action and market behavior for further opportunities.
