Toncoin Price Analysis: TON Targets $10 as TVL Growth Outshines Market Correction

Highlights

The TON price trading above a health retracement level of 23.6% FIB indicates a higher potential for rebound.
The $6.75 support backed by 50D EMA, 23.6% Fibonacci retracement level, and ascending trendline create a strong buying zone.
The intraday trading volume in Toncoin is $400 Million, indicating a 90.6% loss.

Toncoin Price Analysis: The correction trend in the crypto market prolonged to the fourth week of June. The leading digital assets Bitcoin and Ethereum plunged around 4% today to hit a low of $60580 and $3230 respectively. Bucking the market sell-off, the Toncoin leads a sideways action above $16.7support projecting a higher potential for a rebound as network TVL remains in the parabolic rally.

Also Read: Toncoin Price Forecast: How Binance’s USDT Integration Can Boost TON To New Highs

Toncoin Price Analysis: Will TON Suffer Amid Rising Network Phishing Attacks?

OKX:TONUSDT Chart — Toncoin Price Analysis| Tradingview

TON, the native cryptocurrency of Toncoin Network has shown strong resilience above the $6.74 despite the broader market correction in June. While the BTC price is heading fast to the $60k mark, the TON price forms long-tail rejection candles at $6.74 indicating the intact demand pressure.

Today, the TON price fell by 3.77% to $7.20, influenced by today’s market sell-off and growing investor uncertainty due to increasing phishing attacks on the Toncoin Network. Blockchain security platform SlowMist has reported a rise in phishing activities targeting the TON ecosystem. These attacks exploit the freedom of the Telegram ecosystem, using phishing links, bot forms, and fake airdrops distributed through message groups to steal assets from users’ TON wallets.

TON 生态的钓鱼开始多了，Telegram 生态过于自由的特点，许多钓鱼链接（或 bot 形式）通过消息群组方式传播，空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产（包括 NFT，特别的如 Anonymous Telegram Numbers，类似手机号，许多人用于创建 Telegram 账号，这个被钓走，意味着对应的 Telegram…

— Cos(余弦)😶‍🌫️ (@evilcos) June 24, 2024

Particularly vulnerable are Anonymous Telegram Numbers, often used to create Telegram accounts. If compromised, these numbers can lead to the loss of corresponding Telegram accounts unless users have enabled independent passwords, such as Two-Step Verification.

As news of these attacks spreads, investor confidence in the security of the TON ecosystem may wane, leading to a negative impact on TON tokens.

Also Read: Expert Analysts Predict Further Drop in Crypto Market: Bitcoin Cash, BNB, Kaspa and Rollblock Price Analysis

However, the Toncoin maintains a mid-term uptrend utilizing the ascending trendline in the daily chart. The altcoin will retest this dynamic support after a 4% drop, providing buyers a suitable pullback to recuperate bullish momentum.

In addition, the Total volume Locked (TVL) on the Toncoin Network continues to grow hitting $646.5 Million as per the data from DefiLlama. With a 96.56% increase in TVL during June, the network continues to thrive, reflecting greater adoption by market participants.

Thus, this altcoin is likely to witness another reversal from the support trendline, potentially uplifting it to the $10 mark.

Technical Indicator

EMA: The coin price trading above the daily Exponential Moving Average (50, 100, and 200) indicates the path to least resistance is up.
RSI: The daily Relative Strength Index (RSI) line wavering around the 50% midline indicates a neutral sentiment among traders.

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Sahil Mahadik

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

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