As an experienced analyst, I believe that the recent integration of Tether (USDT) into the Toncoin Network on Binance is a significant development that could positively impact the TON price. This new feature increases the utility and efficiency of the Toncoin Network, potentially attracting more users and transactions.
The cryptocurrency market experienced selling pressure on Friday, causing Bitcoin to dip below $63,930 with a 1.4% intraday decrease. This downturn resulted in liquidation for 58,039 traders, totaling around $133.77 million based on Coinglass data. In contrast, Toncoin defied the bearish trend and remained above its $7 mark, suggesting a potential bullish turnaround.
Toncoin Price Forecast: Binance USDT Integration Spurs Optimism
On June 15th, when the broader market experienced a setback, Toncoin’s price trend shifted bearishly, reaching a peak of $8.13. Due to the increasing pressure from above supply, the altcoin has seen a correction of 12.84% over the past six days.
The bear market momentarily halts the anticipated upward trend of Toncoin, which has been reinforced by the significant support trendline. Despite this interruption, the evidence of demand around the support level is clear, as seen in the repeated price rejections at lower costs.
At present, altcoins have paused their correction and surged by 2.73% overnight, hinting at an impending bullish recovery. The current value of TON is $7.12 on the market, experiencing a small intraday decline of 0.14%. A Doji candle has been formed in the process.
As a crypto investor, I’m excited about the latest announcement from Toncoin. Binance, the top cryptocurrency exchange, has integrated Tether (USDT) into the Toncoin Network. This integration allows me, as a Binance user, to transfer stablecoin liquidity to the TON blockchain with ease and flexibility. I believe this development will significantly improve transaction speeds, reduce costs, and offer a more efficient way to manage my USDT transactions on the TON blockchain.
USD₮ on @ton_blockchain is now live on @binance
— Tether (@Tether_to) June 21, 2024
The introduction of this new feature is expected to boost the functionality of the Toncoin Network, potentially leading to a favorable impact on TON‘s market price.
As a crypto investor, I’m keeping a close eye on the market recovery’s growing momentum. This positive trend could potentially reverse TON‘s price support and push it towards higher values. With TON trading only 13% shy of its all-time high, the overall sentiment among investors is optimistic and bullish.
As a researcher, I’ve noticed that the current price dip represents an enticing buy opportunity for those on the sidelines. If we experience another trendline reversal, it could lead to a new all-time high formation with the $8.13 peak as the breakout point. This development would significantly boost the likelihood of the uptrend surpassing the $10 psychological threshold.
From a optimistic standpoint, the Total Value Locked in the Toncoin network amounts to $969 Million, poised to surpass the billion-dollar threshold.
As an analyst, I would caution that a bearish break of the trendline could lead us to plummet beneath the $7 threshold. Should this scenario unfold, the subsequent supports for the altcoin lie at $6 and $4.74.
Technical Indicator
- EMA: As the bullish trend in Toncoin witnesses a pullback phase, the 50D Exponential Moving Average jumps into action and provides dynamic support.
- RSI: The daily Relative Strength Index line dropping under the halfway line takes a quick reversal reflecting a surge in demand.
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2024-06-21 16:00