Toncoin Price Analysis: Can TON Leverage $700 Million TVL To Hit New High?

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As a researcher with experience in the cryptocurrency market, I’ve closely observed the Toncoin (TON) price trends and developments over the past few weeks. Based on my analysis, the current market sentiment remains neutral, but Toncoin is making progress despite the overall uncertainty.

Over the weekend, the cryptocurrency market exhibits a balanced state with neither buyers nor sellers holding clear dominance. After Bitcoin‘s consolidation above the $60,000 support level, significant altcoins display lethargic price movements all week in search of a strong reversal cue. Amidst this volatility, Toncoin maintains a slightly optimistic stance, attempting to breach the $7.6 resistance and reclaim its bullish trajectory.

Toncoin Price Analysis: TON Sees 113% TVL Growth and Key Regulatory Approval

Toncoin Price Analysis: Can TON Leverage $700 Million TVL To Hit New High?

As a researcher studying the cryptocurrency market, I observed that despite the downturn in June, Toncoin managed to maintain its bullish momentum. The coin bounced back from a monthly low of $6.275 to reach a trading price of $7.68, representing a significant increase of 22.5%. This rebound can be attributed to several factors that played crucial roles in its recovery.

As a financial analyst, I’m excited to share that the Astana Financial Services Authority (AFSA) has given its approval for trading Toncoin (TON) within Kazakhstan’s borders. After conducting an exhaustive evaluation, AFSA determined that Toncoin met all the necessary regulatory requirements.

This addition is anticipated to draw in a fresh influx of institutional and retail investors, offering them safe and clear trading opportunities within the controlled setting of the AIFC’s regulatory framework.

As an analyst, I’ve noticed an intriguing development in the Toncoin market. Renowned trader Alicharts brought attention to a significant increase in investments in Toncoin, disclosing that whales have purchased approximately 45 million TON worth around $346.5 million within the past week. This noteworthy accumulation underscores the robust confidence investors hold for this asset’s future prospects.

Over the past week, whales have purchased approximately 45.1 million tons of Toncoin ($TON), equating to a total value of roughly $346.5 million.
— Ali (@ali_charts) June 30, 2024

At the current moment, Toncoin is priced at $7.66 per unit and holds the eighth spot among cryptocurrencies with a total market capitalization of approximately $18.84 billion.

The Total Value Locked (TVL) on the Toncoin Network has been growing steadily, hitting $700 million as of Sunday, based on DefiLlama’s latest data. This marks an impressive 113.41% rise in TVL during the month of June alone. The network’s strong expansion and rising popularity among investors are evident from this significant growth.

Toncoin Price Analysis: Can TON Leverage $700 Million TVL To Hit New High?

The TON price has experienced a modest increase of 1.4% today, signaling its potential to surpass the nearby resistance level at $7.86.

if purchasers change the previous resistance level into a new support, Toncoin’s price might rise above $8.28 and head towards $9, with potential further advancement to $10.5.

As a researcher studying the TON market, I’ve observed that if the current supply pressure continues to build up, the price of TON could potentially drop by around 4-5%. In such a scenario, the support level for the token would be the ascending trendline that has been in place since mid-March. This dynamic support provides buyers with strategic points to accumulate and helps form stable higher-lows.

Technical Indicator 

  • EMA: The coin price trading above the fast-moving 20D and 50D Exponential Moving Averages indicates the buyers are still active toward the asset. 
  • ADX: The Average Directional Index slope falls to 11.5% indicating the ongoing consolidation has stabilized the price after the last rally, which is favorable for a fresh recovery trend.

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2024-06-30 17:42