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

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

By Hassan Maishera - min read

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 By TradingView

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. 

Where to buy Toncoin now

As TON is such a new asset, it's yet to be listed on major exchanges. You can still purchase TON using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy TON right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for TON

Now that you're connected, you'll be able to swap for 100s of coins including TON.