On Friday, Toncoin‘s price experienced a 9% increase during U.S. trading hours, bucking the general crypto market decline. The absence of further momentum from Bitcoin following Thursday’s rally has sparked worry about another dip before the market recovers again. Will Toncoin buyers persist with this strategy or press on towards further progress?
Toncoin Price Hints a Potential Reversal
As a seasoned crypto investor with years of experience navigating the volatile cryptocurrency market, I’ve learned to expect the unexpected. This week, the market displayed a striking recovery, a much-needed relief rally following the steep correction in July. The Bitcoin price soared from $49600 to an impressive $62700 – a 26% increase that left me feeling exhilarated and optimistic about the potential for further growth.
As a seasoned investor with over a decade of experience in the cryptocurrency market, I have witnessed numerous price surges and crashes. However, the recent Toncoin price increase from $4.73 to $6.7, recording a staggering 42% growth, has caught my attention. This upward trend not only reflects the potential of this digital asset but also highlights its impressive market resilience during turbulent times. The boost in market cap to $16.93 Billion further solidifies Toncoin’s position as a significant player in the crypto landscape. I believe that this growth could be an excellent opportunity for both new and seasoned investors who are seeking high-potential investments in the digital currency market.
Moreover, the surge in Total Value Locked (TVL) seems to fuel the upward trend of TON‘s price. As per DefiLlama’s statistics, the TVL has climbed from $485 million to $625 million this week, representing a 28% growth. This kind of increase usually signifies rising investor trust and influx of capital into the system, which may fortify the asset’s underlying price.
The recent surge in TVL (Total Value Locked) indicates that Toncoin’s current price trend might persist, possibly resulting in even more growth.
If the altcoin manages to exceed its current trendline in a single daily candlestick closure, it’s likely that strong buying activity might cause a 24% jump, aiming to overcome the previous record high of $8.29.
According to the IOMAP on-chain analysis, about 3.56 million holders possess around 38.7 million TON tokens, with an average buy price of $6.58. This metric is useful in identifying key support and resistance points since substantial groups of “in the money” addresses can offer robust support. On the flip side, “out of the money” groups might act as resistance during price fluctuations.
Given that there’s ongoing apprehension about a possible market decline, those mentioned addresses might choose to sell their tokens when they break even. This action could potentially increase the supply of tokens in the future, thereby enhancing the supply pressure.
The slope of the 50-day Exponential Moving Average (EMA) hovering near the upper trendline offers an extra barrier to potential buyers, making it harder for them to push prices up.
Therefore, there’s a possibility that the Toncoin price might experience a significant drop of approximately 28%, potentially falling back to test the multi-month support level at around $4.7.
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2024-08-09 20:54