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21 May 2024
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Toncoin Price Prediction: TON Poised to Break Past All-Time High Amid TVL Growth



Toncoin Price Prediction: The cryptocurrency markets have experienced a significant downturn over the past week. With a prevailing bearish sentiment, the total market capitalization has dropped by 3.6%, coupled with a 27% reduction in trading volume compared to the previous week. However, the native cryptocurrency of the Toncoin network, TON, has shown notable resilience to the market pullback and is likely to reach new heights this week.

Also Read: Crypto Price Prediction 13/5: Can ETH Reversal from $2850 Spark the Altcoins Revival?

Toncoin Price Prediction: Sustained Recovery Sets TON Price Break Above $8

OKX:TONUSDT Chart
Toncoin Price Prediction| Tradingview

A majority of major altcoins witnessed heightened volatility in the past two weeks as Bitcoin resonated within the around $65k and $60k price levels. However, the Toncoin price in the same period rallied from $4.6 to $7.3 registering 60%.

The V-shaped recovery backed by increasing volume indicates sustainable growth for TON. The ongoing rally in Toncoin is driven by a significant increase in its Total Value Locked (TVL), as reported by DeFiLlama, an on-chain analytics aggregator. 

Toncoin TVL
Toncoin TVL| DefiLlama

The TVL in Toncoin has surged from $18.8 million in late February to $258.6 million, marking a substantial growth of approximately 1276%. This dramatic percentage increase in TVL suggests a growing confidence and interest in the Toncoin ecosystem, as more funds are being staked or locked into its protocols.

With sustained buying, the TON price is likely to break the all-time high resistance of $7.67. The potential breakout will accelerate the buying and provide buyers with suitable support to lead a higher rally. 

As this breakout will push Toncoin to price discovery mode, the traditional pivot level can be utilized to predict the potential resistance level. In the daily chart, this Support/Resistance indicator hints at an immediate supply ceiling of $8.8, followed by $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.

The post Toncoin Price Prediction: TON Poised to Break Past All-Time High Amid TVL Growth appeared first on CoinGape.

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