Toncoin Price Analysis: On the weekend, the cryptocurrency market remains neutral, projecting no clear dominance from buyers to sellers. Following the Bitcoin consolidation over $60000 support, most major altcoins showcase sluggish price behaviors the whole week waiting for a better reversal signal. Amid the uncertainty, the TON price trades on a slightly positive note attempting a breakout from the $7.6 resistance to regain bullish momentum.
Also Read: Bitcoin In Spotlight With Michael Dell’s Latest Poll, Is Dell Going Big On BTC?
Toncoin Price Analysis: TON Sees 113% TVL Growth and Key Regulatory Approval
Toncoin Price Analysis| Tradingview
Despite the June market downturn, Toncoin maintained its bullish momentum, rising from a monthly low of $6.275 to a trading price of $7.68, registering a 22.5% increase. This rally was driven by a surge in network activity, broader adoption, and the introduction of Play-to-Earn games on Telegram, all of which played crucial roles in its recovery.
Recently, the Astana Financial Services Authority (AFSA) has officially approved Toncoin (TON) for trading in Kazakhstan, following a comprehensive review that confirmed its compliance with regulatory standards.
This inclusion is expected to attract a new wave of institutional and retail investors, providing them with secure and transparent trading options within the regulated environment of the AIFC.
In a recent tweet, renowned trader Alicharts highlighted a surge in Toncoin investments, revealing that whales have purchased over 45 million TON valued at around $346.5 million over the past week. This accumulation accentuates strong investor confidence in the future potential of this asset.
Whales have bought more than 45 million #Toncoin $TON over the past week, worth around $346.5 million! pic.twitter.com/P3UKHHjHcU
— Ali (@ali_charts) June 30, 2024
By press time, the Toncoin trades at $7.66 and maintains its position as the eighth largest cryptocurrency with a market cap of $18.84 Billion.
Additionally, the Total Value Locked (TVL) on the Toncoin Network has continued to expand, reaching $700 million on Sunday, according to DefiLlama data. With a substantial 113.41% increase in TVL in June, the network demonstrates robust growth and increasing adoption among market participants.
With a modest intraday gain of 1.4%, the TON price is heading high to soon challenge immediate resistance of $7.86.
If buyers flip the overhead resistance into suitable support, the Toncoin could surpass $8.28 and target the $9 mark, followed by $10.5.
However, if the market supply pressure persists, the TON price could plunge 4-.5% and seek support at the ascending trendline since mid-March. The dynamic support bolsters buyers with suitable accumulation points and stable higher-low formation.
Technical Indicator
EMA: The coin price trading above the fast-moving 20D and 50D Exponential Moving Averages indicates the buyers are still active toward the asset.
ADX: The Average Directional Index slope falls to 11.5% indicating the ongoing consolidation has stabilized the price after the last rally, which is favorable for a fresh recovery trend.
Frequently Asked Questions (FAQs)
Regulatory approval from the Astana Financial Services Authority (AFSA) significantly impacts Toncoin by providing a formal and secure framework for trading within Kazakhstan
Total Value Locked (TVL) refers to the total amount of assets that are currently being held within a blockchain network’s smart contracts. This metric is crucial as it reflects the overall health and growth potential of the network.
Trading above the 20-day and 50-day Exponential Moving Averages (EMAs) indicates that Toncoin is currently in a strong upward momentum in the short to medium-term.
Related Articles
✓ Share:
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
