Toncoin price forecast. The selling pressure on the crypto market continued on Friday as the Bitcoin price plunged below $63930 with an intraday loss of 1.4%. In the last 24 hours, a total of 58,039 traders faced liquidation, with the combined value of these liquidations reaching approximately $133.77 million as per Coinglass data. Bucking the market sell-off, the Toncoin price managed to hold above $7 projecting a potential bullish reversal.
Also Read: Binance Finalizes Tether Integration on Toncoin Network, What Next For TON?
Toncoin Price Forecast: Binance USDT Integration Spurs Optimism
With the broader market setback on June 15th, the Toncoin price trend took a bearish turnaround, forming a peak at $8.13. As the overhead supply pressure above $8 fueled the ongoing correction spree, the altcoin has dropped by 12.84% in the last six days.
However, the bear cycle pauses the long-coming support trendline, the backbone of the ongoing uptrend in Toncoin. As the ascending trendline provides multiple bouncebacks, the demand near the support is evident, with the lower-price rejections cementing it.
Currently, altcoin has taken a halt from the correction phase and jumped 2.73% last night, teasing a bullish comeback. As of now, the TON price trades at $7.12 with a minor intraday drop of 0.14%, forming a Doji candle.
Also Read: Crypto Prices Today June 20: Bitcoin Holds Firm at $65K Amid Market Turbulence, FET & AGIX Soar Over 20%
According to a recent announcement from Toncoin, Binance, the leading cryptocurrency exchange, has now integrated Tether (USDT) into the Toncoin Network. The integration provides Binance users enhanced flexibility in transferring stablecoin liquidity to the TON blockchain. This development is anticipated to boost transaction speeds, decrease costs, and provide a more efficient means for managing USDT transactions.
USD₮ on @ton_blockchain is now live on @binance pic.twitter.com/tsYCxybDKx
— Tether (@Tether_to) June 21, 2024
This new feature increasing the utility of the Toncoin Network should project a positive outlook on TON price.
Considering the broader market recovery finds a boost in momentum, the TON price can take a reversal from the long-coming support to head higher. As the altcoin trades just 13% away from its all-time high, the surrounding sentiments are optimistic and bullish.
Hence, the present dip comes as a buy-the-dip opportunity for the sideline traders. Another reversal from the trendline can result in a new all-time high formation with the $8.13 peak breakout. This will increase the chances of uptrend reaching the $10 psychological mark.
Supporting the bullish perspective, the Total Value Locked of the Toncoin network stands at $969 Million, ready to hit the billion-dollar mark.
On the downside, a bearish continuation fracturing the trendline can result in a downfall below the $7 mark. The next support levels for the altcoin are at $6 and $4.74.
Technical Indicator
EMA: As the bullish trend in Toncoin witnesses a pullback phase, the 50D Exponential Moving Average jumps into action and provides dynamic support.
RSI: The daily Relative Strength Index line dropping under the halfway line takes a quick reversal reflecting a surge in demand.
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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.
