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Toncoin is the best performer amongst the top 100 cryptocurrencies by market cap today.
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TON surpassed the $2 psychological level earlier today and could rally higher.
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The broader cryptocurrency market is having a poor start to the week.
TON rallies despite the market’s poor start to the week
TON, the native token of the Toncoin blockchain, is currently the best performer amongst the top 100 cryptocurrencies by market cap today. The coin is up by 8% so far today and could rally higher over the next few hours.
At press time, the price of Toncoin stands at $2.0744 per coin. There is no apparent catalyst behind this latest rally, as the broader cryptocurrency market has been underperforming over the past few hours.
The total crypto market cap stands at $844 billion, down by 1.4% in the last 24 hours. Bitcoin is down by more than 1% and has dropped below the $17k level once again.
Ether, the second-largest cryptocurrency by market cap, has also lost more than 1% of its value so far today. At press time, the price of Ethereum stands at $1,250 per coin.
Key levels to watch
The TON/USDT 4-hour chart is bullish, as Toncoin has been performing well over the last few days. TON is up by roughly 14% in the last seven days despite the broader crypto market’s poor performance.
The MACD line is within the positive zone, indicating that the bulls are in charge of the TON market at the moment. The 14-day RSI of 71 also indicates that TON could enter the overbought region if the rally continues.
If the rally continues, TON could hit the $2.5 resistance level for the first time in months. However, it would need the support of the broader crypto market to do so.
The broader crypto market is currently bearish, and that could affect TON’s performance in the near term. TON could dip below the $2 support level over the next few hours if that happens.