Ton eco HMSTR and DOGS are performing weakly, what is the price action for Ton?

According to market data from Gate.io, TON is currently priced at $5.85, with a 24-hour decline of 3%. The market sentiment index stands at 61, indicating a state of greed, while the perpetual contract funding rate is -0.0067%, showing bearish pressure. The Bollinger Bands’ 1-hour support level is $5.8219, and the resistance level is $5.9058. Despite the large user base of some eco projects like HMSTR and DOGS, this has not reflected in the token prices, indicating weakness in TON’s price.

Trading Strategy

Bearish Strategy

Direction: Bearish
Entry Price: When the price breaks below $5.8219
Reason: Although the market sentiment index is high, the negative funding rate indicates capital outflow and bearish pressure, making it suitable to open a short position.

Wait-and-See Strategy

Direction: Wait-and-see
Entry Price: When the price breaks above $5.9058
Reason: If the resistance level is breached, a rebound may occur, making it a point to consider entry.

About TON

The Open Network (TON) is a blockchain project created by Telegram. Originally known as Telegram Open Network (TON), it aims to build a distributed, high-performance blockchain platform that supports decentralized applications and digital assets.
TON consists of a masterchain and multiple workchains, each of which can be divided into shardchains. Verifiers must also use advanced hardware similar to that used on the Solana and Aptos blockchains. To summarize, TON is a high-performance public chain with its own TVM virtual machine, which is not compatible with EVM, smart contracts on TON written in a new voice created by itself - FunC, block proof-of-stake (BPo5) consensus, and verifiers holding and pledging TON’s native cryptocurrency participate in block verification and consensus.
Short-term TON price steady rise, the most likely or market capitalization management team with ecological favorable speculation results, TON has the 11th market capitalization and 68th trading volume, not to mention that this market capitalization does not pass cover the frozen part of the TON, if Zun Shang then the total market capitalization will reach 8.5 billion U.S. dollars, will be more than SOL, ranked the crypto market market capitalization of the 9th place.
A mismatch between trading volume and market capitalization usually signifies a highly manipulated project, not to mention the fact that DWF Labs announced in June that it would be contributing to the TON eco’s token economics, market making, and liquidity provision. The economic model is not promising, but TON does have a chance to lead the crypto industry into the next era in terms of adoption.