Hassan Maishera
The cryptocurrency market has been underperforming for the third-consecutive day, down by more than 1% in the last 24 hours. The total cryptocurrency market cap is below $910 billion for the first time this month and could drop lower before the end of the day.
Despite the poor performance, TON, the native coin of the TON blockchain, is up by more than 11% in the last 24 hours. TON is currently the best-performing cryptocurrency amongst the top 100 coins by market cap.
The rally comes as Bitcoin, the world’s leading cryptocurrency, dropped below the $19k support level once again. Ether is trading below $1,300 after losing more than 1% of its value in the last 24 hours.
Why Is TON Rallying Today?
TON is performing excellently today after the popular messaging platform Telegram announced that it would auction usernames via a platform on The Open Network (TON) blockchain.
This is excellent news for Toncoin (TON) as Telegram is one of the leading social media platforms in the world, with over 700 million registered users. The TON blockchain was initially developed by Telegram but was abandoned two years ago following a lawsuit from the United States Securities and Exchange Commission (SEC).
However, developers of the ecosystem formed the TON Foundation and ensured that the project was alive.
According to Telegram founder, Pavel Durov, the platform would allow username holders to transfer their usernames to interested parties in protected deals, with ownership secured on the blockchain via NFT-like smart contracts.
TON Technical Analysis
The TON/USDT 4-hour chart is bullish, as Toncoin has been performing well since the start of the week. The technical indicators show that TON is outperforming the other major coins.
The MACD line is above the neutral zone, indicating that the TON bulls are currently in control of the market.
The 14-day RSI of 72 also indicates that TON could enter the overbought region if the market condition improves further over the next few days
At press time, TON is trading at $1.4002 If the bulls remain in charge, TON could surge past the $1.693 resistance level before the end of the day. However, TON would need the support of the broader cryptocurrency market if it intends to surpass September’s high of $2.14 during the weekend.
