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Highlights
- The falling TON price could reach the $7 mark to sick support from the muti-month support trendline.
- A potential lower high formation at the $7.78 mark indicates a change in market dynamics favoring selling.
- The intraday trading volume in Toncoin is $233.5 Million, indicating a 31% loss.
Toncoin Price Analysis. TON, the native cryptocurrency of the Toncoin Network, has exhibited a trend contrary to the broader market. Despite the market-wide sell-off last week, the TON price saw a notable rebound to $7.75. Since then, it has remained sideways, even amidst a recovery in the broader market over the past three days. Nevertheless, the bullish trend in the asset remains intact, as the network has experienced parabolic growth in Total Value Locked (TVL) and increasing utility.
Also Read: Toncoin Price Forecast: How Binance’s USDT Integration Can Boost TON To New Highs
Toncoin Price Analysis: Tether’s USDT Circulation on TON Blockchain Surpasses 500M
An ascending trendline in the daily chart drives the mid-term bullish trend in the Toncoin coin. The dynamic support intact since mid-March has bolstered buyers to develop higher low formation indicating an active accumulation trend.
In mid-June, the TON price peaked at the $8.28 mark and reverted 18% to seek support at $6.7. Amid the recent development in the Toncoin network, the buyers managed to hold prices above $6.7 floor despite the recent sell-off in the crypto market.
According to a tweet by Satoshi Club on June 26, 2024, Tether’s USDT stablecoin circulation on the TON Blockchain has exceeded the 500 million mark, reaching 519.28 million as of Tuesday.
Also Read: Toncoin (TON) Jumps 6% As Analyst Predicts Imminent Correction
📈 #Tether‘s $USDT stablecoin circulation on @ton_blockchain has surpassed 500M, hitting 519.28M as of Tuesday.
The network’s TVL also grew to $670M, boosted by Web3 integrations and popular mini-games on Telegram. pic.twitter.com/lh1jEJbe9J
— Satoshi Club (@esatoshiclub) June 26, 2024
In addition to this milestone, the network’s Total Value Locked (TVL) has also seen significant growth, climbing to $670 million. This surge is attributed to the integration of Web3 applications and the rising popularity of mini-games on Telegram, which have collectively boosted the network’s activity and value.
This development marks a significant achievement for the TON Blockchain, highlighting its expanding ecosystem and the increasing adoption of Tether’s stablecoin within it.
The TON price currently trades at $7.4 witnessing overhead supply at $7.78. A potential reversal from this resistance could push the asset 4.5% down to hit an ascending trendline.
If the support holds, the altcoin could trigger the next recovery leap targeting the $9 mark, followed by $10.5.
Technical Indicator
- Pivot Level: If the TON price entered a prolonged correction below the support trendline, the Pivot indicator highlights $6 and $4.77 as crucial support to mark.
- ADX: The falling ADX slope highlights the buyers are losing momentum amid the consolidation trend below $7.78.
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