Altcoin
Key resistances to watch as Toncoin enters price discovery mode
Most major cryptocurrencies saw significant selling pressure in the second week of June. This fall was strengthened by The Capitulation of the Bitcoin Miner and a significant outflow from US-listed ETFs, which sent the BTC price plunging to a 4-week low of $64,939 on Friday. Bucking the market correction, Toncoin price showed 20% growth this week, reaching an all-time high of $8.25. Will the momentum persist as the market hints at a prolonged slump?
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The listing on Crypto.com and the surge in TVL push the price of toncoin to new levels
Toncoin price | Tradingview
In the last three months, the Toncoin witnessed a sustained uptrend supported by an ascending trend line on the daily chart. This dynamic support has encouraged buyers to hold a series of higher lows, indicating that investors are actively accumulating the asset on benchmark dips.
This recovery is also supported by a parabolic rally in Total Volume Locked (TVL). According to data from DefiLlama, TVL on the Toncoin network went from $18 million at the end of February to $592 million currently, marking a notable growth of approximately 3189%. This substantial increase in TVL indicates strong investor confidence and growing adoption of the Toncoin network.
Total value of Toncoin locked | DefiLama
The current week has been particularly bearish for the market in general Bitcoin the price plummeted from $70,000 to $64,939. However, TON price showed notable resilience above the $6.73 mark and rebounded strongly to hit a new high of $8.288 today.
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Earlier this week, the cryptocurrency exchange Crypto.com announced the listing of TONNE coins and enabled easy purchases with USD, EUR, GBP and over 20 other fiat currencies. This listing is likely to improve Toncoin’s visibility, increase its liquidity and attract a broader investor base
Toncoin price is currently trading at $8 and is expected to seek support from the recent break of the $7.7 resistance. If the breakout holds, the traditional pivot level would show potential resistance at $9, followed by $10.6.
Conversely, if the coin’s price were to fall below the flipped support at $7.7, buyers could rely on the aforementioned ascending trend line to keep the recovery trend intact.
Technical indicator
- BB indicator: The midline of Bollinger band Indicators provide dynamic support indicating that buyers are driving a high-momentum rally.
- ADX: ADX rising 21% indicates that the current rally is far from over and buyers could lead a sustained rally in the near term.
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