On Thursday, March 20th, the crypto market witnessed a bearish turnaround with Bitcoin falling below the $85,000 mark amid an intraday loss of -3%. The selling pressure followed buyers’ inability to sustain the market-wide recovery after yesterday’s FOMC meeting. As a result, the major altcoins including TON, witnessed overhead supply and risk of major breakdown.
By press time, the Toncoin price trades at $3.69 with an intraday gain of 1.3%. According to Coingecko data, the asset market cap is at $9.34.5 Million, while the 24-hour trading volume is at $276.2 Million.
Key Highlights
- An ascending trendline drives the current uptrend in Toncoin price.
- The Toncoin price is 6% short from a breakout from $3.9 resistance.
- Major VCs have invested $400 million into TON, including Sequoia and Ribbit Capital, signaling strong institutional confidence.
Toncoin Price Hints Major Breakout Out
In the daily time frame chart, the Toncoin price witnessed a V-shaped rise from $2.35 to $3.6 — a 56% increase — in the last two weeks. This setup usually indicates high-momentum buying and has managed to reclaim fast-moving EMAs (20, 50) to bolster short-term recovery.
The bullish trajectory gained further momentum as venture capitalists (VCs) acquired TON tokens worth a staggering US$400 million from the project’s private investors. While the exact price paid for the purchase remains undisclosed, the impressive list of investors includes industry heavyweights such as Sequoia Capital, Ribbit Capital, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage.
This significant investment marks a notable milestone in the continued growth of the TON ecosystem, signaling strong institutional confidence in its future potential.
With sustained buying, the Toncoin price is poised for another breakout from $3.9. If the buyers flip this resistance into potential support, the buyers could drive a 22% surge before and hit the $7.35 resistance, followed by $2025.
On the contrary note, if sellers continue to defend the downsloping resistance, the Toncoin price could revert immediately and plunge.
Also Read: Ethereum Price to Hold $2,000 Floor as Whale Activity Hints Buy-the-Dip Sentiment
