As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring the Toncoin price action and the recent developments within its ecosystem. The renewed supply pressure in the crypto market, triggered by Bitcoin’s plunge below $61,000, has influenced TON‘s price as well, resulting in a 3.77% drop to $7.20.
As a researcher studying the cryptocurrency market, I’ve observed that Toncoin experienced renewed supply pressure on Monday when Bitcoin dropped by approximately 4% to hit $60,580 in Asian trading hours. The global crypto market followed suit, declining by 4.42%, leading to a 2.25% loss for most major altcoins, including Toncoin. This latest price action formed a new lower high for TON in the daily chart, which could be an early indication of a potential trend reversal. However, it’s essential to note that market conditions can change rapidly, and this analysis does not guarantee the certainty of an upcoming dump. Further monitoring and analysis are necessary before making definitive conclusions.
Toncoin Price Analysis: Will TON Suffer Amid Rising Network Phishing Attacks?
Despite the recent market correction in June that caused a significant drop in Bitcoin’s price approaching $60,000, Toncoin Network’s native cryptocurrency, TON, has demonstrated remarkable strength and resilience above the $6.74 mark. The formation of long-tail rejection candles at this level suggests that demand pressure remains robust for TON.
Currently, the TON token price dropped by 3.77% to reach $7.20, mainly driven by today’s market downturn and heightened anxiety among investors caused by surging phishing attacks on the Toncoin Network. According to cybersecurity firm SlowMist, there has been a significant increase in phishing attempts aimed at the TON community. These malicious activities leverage the flexibility of the Telegram ecosystem, employing phishing links, bogus bot forms, and deceptive airdrops spread through chat groups to swipe users’ TON wallet assets.
As an analyst, I’ve observed a surge in fishing activities within the TON ecosystem. The Telegram ecosystem’s excessive freedom allows for numerous fishing links or bot forms to spread through message groups and broadcast channels using methods such as spamming or baiting. When users’ TON wallet assets, including NFTs like Anonymous Telegram Numbers, used for creating Telegram accounts, are targeted, the consequences can be significant.
— Cos(余弦) (@evilcos) June 24, 2024
Anonymous Telegram phone numbers, which are frequently employed to set up Telegram accounts, pose a significant risk if breached. In such cases, the associated Telegram accounts may be compromised unless users have activated additional security measures like Two-Step Verification.
Upon learning about the recent attacks on the TON ecosystem, I cannot help but feel a sense of unease as an analyst. This uncertainty could potentially lead investors to question the safety and reliability of their investments in TON tokens. Consequently, a decrease in investor confidence may ensue, resulting in negative repercussions for the value of these tokens.
As a researcher studying the cryptocurrency market, I’ve noticed that Toncoin has been following an uptrend over the past few weeks, as indicated by the ascending trendline on its daily chart. After experiencing a 4% decline, I expect the altcoin to retest this dynamic support. This pullback offers potential buyers an opportunity to jump in and help restore bullish momentum for Toncoin.
Furthermore, the Total Value Locked (TVL) on the Toncoin Network has surged, reaching a total of $646.5 million according to DefiLlama’s latest figures. This represents a remarkable 96.56% rise in TVL during the month of June, indicating robust growth and heightened interest from the crypto market community.
In simpler terms, this altcoin could experience a turnaround at its support line, possibly pushing its price up towards the $10 level.
Technical Indicator
- EMA: The coin price trading above the daily Exponential Moving Average (50, 100, and 200) indicates the path to least resistance is up.
- RSI: The daily Relative Strength Index (RSI) line wavering around the 50% midline indicates a neutral sentiment among traders.
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2024-06-24 15:10