Toncoin Price Prediction: Will TON Break $7.5 High Amid Major TVL Boost?

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As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market uncertainties and price fluctuations. The current indecisive trend of Toncoin (TON) has left me in a state of cautious optimism. While the psychological support at $6 has prevented a prolonged correction, the absence of clear bullish or bearish initiation is concerning.

As a researcher studying the Toncoin market, I’ve noticed that TON, the native cryptocurrency of the Toncoin network, has been exhibiting uncertainty for nearly two weeks. The $6 psychological support level has kept the asset from significant correction, but the daily chart is filled with narrow candles, indicating a lack of clear direction from either bulls or bears. I wonder if the recent Bitcoin price rebound from $67,000 will provide enough momentum to lift TON out of this indecisive trend?

Key Levels to Watch of Toncoin Enters Price Discovery Mode

Toncoin Price Prediction: Will TON Break $7.5 High Amid Major TVL Boost?

As a crypto investor, I’ve observed that on May 13th, the Toncoin price took a sudden U-turn from the previous resistance level at $7.5 which was acting as a swing high. This unexpected reversal signifies that sellers are aggressively defending this resistance, while buyers seem to lack conviction in pushing the price higher. In simpler terms, the sellers have been successful in pulling back the Toncoin price after it reached $7.5, suggesting a stronger presence of selling pressure at this level.

The asset’s value dropped by 20% following a bearish reversal and found stability around the $6 mark. However, this level has only temporarily halted the downtrend, resulting in a stagnant price movement for almost two weeks without any signs of rebound.

The price of Bitcoin stabilizing around $67,000 is strengthening the holding pattern in leading altcoins such as TON.

It’s intriguing to note that the Toncoin network has seen a substantial increase in its Total Value Locked (TVL), reaching $325.9 million from $162 million in May. This expansion represents around a 101.2% growth, despite the ongoing market instability.

Toncoin Price Prediction: Will TON Break $7.5 High Amid Major TVL Boost?

As a researcher studying the Toncoin ecosystem, I’ve observed an impressive surge in investment and activity. This uptick in engagement from the community highlights their unwavering confidence in Toncoin and underscores a growing fascination with its potential financial applications.

As an analyst, I believe that the TON price has a strong likelihood of rising by 15.85% and reaching the $7.5 resistance level. Should we witness a breakthrough past this barrier, the bullish trend will gain significant momentum, propelling the price towards the next key resistances at $8.8 and eventually $10.

If the wider market shows signs of weakness, the TON price could be on the verge of breaking through the $6 support level. This could potentially cause the price to drop down to its previous low of $4.7.

Technical Indicator 

  • Bollinger Band: The squeezed range in the Bollinger Band indicator highlights the heightened volatility and need for a decisive breakout to establish a stable trend.
  • Relative Strength Index: The lower high formation in the daily RSI slope indicates the weakening bullish momentum which could bolster a continuity correction trend.

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2024-05-29 21:51