Key Resistances to Watch As Toncoin Enters Price Discovery Mode

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As a researcher with a background in cryptocurrency analysis, I’ve closely monitored the recent market downturn that affected major cryptocurrencies. However, one notable exception is Toncoin (TON), which bucked the trend and experienced a 20% growth this week, reaching an all-time high of $8.25.

In the second week of June, most leading cryptocurrencies experienced a significant decrease in demand, causing their prices to drop. This trend was driven by Bitcoin miners selling off their holdings and large outflows from U.S.-listed Exchange-Traded Funds (ETFs). Consequently, the price of Bitcoin fell to its lowest point in four weeks, reaching $64,939 on a Friday. However, Toncoin has defied this market downturn, surging by 20% during the same period and hitting a new record high of $8.25. The question remains: will this positive momentum continue amidst signs of an extended market correction?

Crypto.com Listing and TVL Surge Propel Toncoin Price to New Heights

Key Resistances to Watch As Toncoin Enters Price Discovery Mode

For the past 90 days, the Toncoin has experienced a continuous upward momentum, as evidenced by its ascending trendline in the daily chart. This upward slope has given buyers the confidence to purchase the asset during dips, resulting in a string of higher lows – a clear sign that investors are actively accumulating Toncoin at these price levels.

As an analyst, I’ve noticed a significant surge in the Total Volume Locked (TVL) on the Toncoin network. According to DefiLlama’s data, the TVL has jumped from $18 million in late February to an impressive $592 million as of now. This represents a staggering growth of around 3189%. Such a substantial increase in TVL is a clear sign of robust investor confidence and growing adoption of the Toncoin network.

Key Resistances to Watch As Toncoin Enters Price Discovery Mode

This past week saw a significant downturn for the broader market with Bitcoin’s price dropping from $70,000 to $64,939. In contrast, TON displayed remarkable strength above the $6.73 threshold and bounced back strongly to reach a new peak of $8.288 today.

As a researcher studying the cryptocurrency market, I recently came across an exciting development: this past week, Crypto.com announced the addition of TON coins to their platform. Now, users can easily purchase these coins using USD, EUR, GBP, and over twenty other fiat currencies. This listing is expected to significantly boost Toncoin’s exposure, enhance its liquidity, and draw in a more diverse investor community.

The current price of Toncoin is at $8, and it’s expected to find support around the previous resistance level of $7.7 if the recent breakout holds. If the uptrend continues, the traditional pivot points indicate potential resistance levels at $9 and then $10.6.

If the coin’s price were to fall below $7.7, acting against the current trend, buyers could still depend on the previously mentioned ascending trendline to maintain the uptrend.

Technical Indicator 

  • BB Indicator: The midline of Bollinger Band indicators provides dynamic support indicating the buyers are leading a high momentum rally.
  • ADX: The ADX rising at 21% indicates the current recovery is far from exhaustion and buyers could lead a prolonged rally in the near term.

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2024-06-15 22:34