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25 June 2024
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Toncoin Price Prediction: Will TON Break $7.5 High Amid Major TVL Boost?

Toncoin Price Prediction. TON, the native cryptocurrency of the Toncoin network, has been wavering in uncertainty for nearly two weeks now. While the $6 psychological support has prevented the asset from prolonged correction, the mass of narrow candles in the daily chart shows no clear initiation from bulls or bears. Will the Bitcoin price rebound from $67000 uplift the TON price from this indecisive trend?

Also Read: Bitcoin Futures Market Demand Soars, Will Spot BTC Price Follow?

Key Levels to Watch of Toncoin Enters Price Discovery Mode

Toncoin Price Prediction| Tradingview

On May 13th, the Toncoin price witnessed an immediate reversal from the last swing high resistance of $7.5. This second pullback within five indicates the sellers are actively defending this resistance and buyers show weak conviction.

The bearish turnaround plunged the asset 20% before finding suitable support at $6. The psychological level managed to stabilize the TON price, but the sideways action has prolonged for nearly two weeks with no sign of recovery.

The Bitcoin price hovering above $67000 is further bolstering the consolidation in top altcoins, including TON.

Interestingly, the Toncoin network has experienced a notable expansion in its Total Value Locked (TVL) despite prevailing market uncertainties. Recent data from DeFiLlama, an on-chain analytics aggregator, shows that Toncoin’s TVL soared from $162 million to $325.9 million in May, marking an impressive growth of approximately 101.2%.

Total Value Locked
Toncoin’s Total Value Locked| DefiLlama

This significant increase underscores robust investor confidence and heightened activity within the Toncoin ecosystem, suggesting a strong and growing interest in its financial applications and utility.

Thus, the TON price is better positioned to rebound 15.85% and challenge the $7.5 resistance. A potential breakout from the barrier will intensify the bullish momentum and push the $8.8, followed by $10.

On a contrary note, if the broader market weakens, the TON price is an inch close to breaching $6 support which may plunge it back to a $4.7 low.

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.

The post Toncoin Price Prediction: Will TON Break $7.5 High Amid Major TVL Boost? appeared first on CoinGape.

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