As a seasoned crypto investor with years of experience navigating volatile markets, I’ve learned to keep a close eye on the underlying fundamentals of projects when making investment decisions. In the case of Toncoin, its recent resilience to market downturns and the surge in Total Value Locked (TVL) have piqued my interest.
As a researcher studying the Toncoin price movement, I’ve observed that the cryptocurrency markets have witnessed a substantial decline over the past week. The prevailing bearish sentiment has resulted in a 3.6% decrease in total market capitalization and a 27% reduction in trading volume compared to the previous week. However, despite this market pullback, Toncoin (TON), the native cryptocurrency of the Toncoin network, has shown remarkable resilience. I believe that TON is poised for new heights this week.
Toncoin Price Prediction: Sustained Recovery Sets TON Price Break Above $8
In the last fortnight, most prominent altcoins experienced increased volatility with Bitcoin hovering around the $65,000 and $60,000 price marks. In contrast, Toncoin saw a significant surge, jumping from $4.6 to $7.3 – representing a 60% price increase.
TON’s V-shaped recovery, fueled by expanding volume, points to durable growth. Notably, there’s a substantial surge in Toncoin’s Total Value Locked (TVL), as per DeFiLlama’s latest reports, underpinning the ongoing price rise.
The total value locked in Toncoin’s TVL has experienced a significant jump from $18.8 million at the end of February to an impressive $258.6 million. This represents a remarkable growth of around 1276%. Such a large percentage rise in TVL indicates a rising faith and curiosity towards the Toncoin ecosystem, as larger amounts of funds are being committed or secured through its protocols.
If purchasers continue to buy TON, there’s a strong possibility that the price will surpass its previous record high of $7.67. This anticipated leap could fuel further buying interest and create a solid foundation for an upward trend.
During the price surge of Toncoin in this breakout, the conventional support level can provide insight into the possible resistance point. On the day-to-day chart, this Support/Resistance tool suggests an initial resistance level at around $8.8, with another potential resistance at $10.
Technical Indicator
- Pivot levels: If the Toncoin price witnessed overhead selling pressure at $7.67, the $7 level as per Pivot level R1 could offer suitable support before buyers
- Relative Strength Index: The daily RSI slope heading above the 70% mark hints at aggressive buying activity in the market.
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2024-05-13 20:59