As a seasoned researcher with extensive experience in the crypto market, I have observed that the recent neutral sentiment in the broader market did little to dampen the positive momentum of Toncoin (TON). While Bitcoin and other major cryptocurrencies showed sideways movement, TON’s price continued its upward trajectory, up 1.3% since yesterday.
On Friday, the crypto market exhibited a neutral mood with Bitcoin‘s price forming a sideways candle in its daily chart. Nevertheless, certain significant cryptocurrencies like TON displayed optimistic tendencies, signaling strong buying confidence. Over the past day, Toncoin‘s price has increased by 1.3%, suggesting potential for further recovery due to growing TVL (Total Value Locked) and expanding functionality.
Rising TVL and OKX Wallet Support Boost Toncoin Price Outlook
For the past two months, the Toncoin price has exhibited a fluctuating pattern resembling a triangle, with two trendlines converging. These lines functioned as both dynamic resistance and support, shielding TON investors from significant price drops during the market downturn in June.
Theoretically, the consolidation pattern suggests that buyers are regaining their energy following the exhaustion of the recent rally in Toncoin. At present, Toncoin is trading at $7.3 with an intraday potential increase of 0.7%. Its market capitalization stands at a substantial $18.3 billion.
Although the market remains stagnant with sideways movement, there’s been a favorable change in the Toncoin network as the Total Value Locked (TVL) has risen from $741 million the previous day to reach $759 million currently.
An increasing total value locked (TVL) suggests that more assets are flowing into the network, potentially reflecting heightened confidence and curiosity from investors.
As a seasoned cryptocurrency user with years of experience in managing digital assets across various wallets and exchanges, I can’t help but be excited about OKX Wallet’s recent announcement supporting Toncoin (TON). Having used numerous wallets throughout my journey in the crypto space, I’ve come to appreciate the convenience and efficiency that comes with having a wide range of blockchain compatibility.
In light of recent advancements, the Toncoin price looks primed to surpass its current resistance line, implying that the uptrend may persist. Following this breakthrough, a surge toward the projected goal of $11.15 is a possibility.
Technical Indicator
- Pivot Levels: As Toncoin shows potential for entering price discovery mode, the Traditional pivot level marks immediate overhead resistance at $8.53, followed by $9.53.
- RSI: The daily Relative Strength Index slope wavering around the midline (50%) accentuates the near-term market sentiment is neutral.
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2024-07-19 16:28