Toncoin Price Recovery Resumes as TVL Growth Approaches New Peak
Highlights
- The TON price will continue its sideways trajectory until the symmetrical triangle pattern is intact.
- A renewed upstream in TON’s TVL metric suggests a strengthening of the network's economic activity that could potentially lead to a higher demand for this asset.
- The intraday trading volume in Toncoin is $201.7 Million, indicating a 1.05% loss.
On Friday, the crypto market showcased a neutral sentiment as Bitcoin price formed a sideways Doji candle in the daily chart. However, some major cryptocurrencies including TON remained positive indicating a high conviction from buyers. Since yesterday, the Toncoin price has jumped 1.3% and projects the potential for higher recovery amid TVL growth and expanding utility.
Rising TVL and OKX Wallet Support Boost Toncoin Price Outlook
Over the past two months, the Toncoin price has showcased a sideways trend resonating between two converging trendlines of triangle patterns. These two lines as dynamic resistance and support have prevented the TON holders’ major correction during the June market fall.
In theory, the consolidation pattern indicates the buyers are recuperating the exhausted momentum from the prevailing rally. Currently, the Toncoin trades at $7.3 projecting an intraday gain of 0.7% and the market cap of $18.3 Billion.
While the market shows continued sideways movement, the Total Value Locked (TVL) in the Toncoin network has shown a positive shift, increasing from $741 million yesterday to $759 million.
A rising TVL indicates that more assets are being deposited into the network, which can signify growing trust and interest among investors.
In addition, OKX Wallet has recently announced support for Toncoin (TON), broadening its compatibility to encompass 100 different blockchains. This strategic integration enables users to efficiently discover, manage, swap, and transfer TON and TON-based assets within the OKX Wallet. Adding Toncoin to OKX Wallet’s extensive list of supported blockchains signifies a significant milestone for both platforms.
Amid these developments, the Toncoin price is better positioned to break above the overhead trendline, indicating a potential continuation of the upward trend. The post-breakout rally could chase the initiation target of $11.15.
Technical Indicator
- Pivot Levels: As Toncoin shows potential for entering price discovery mode, the Traditional pivot level marks immediate overhead resistance at $8.53, followed by $9.53.
- RSI: The daily Relative Strength Index slope wavering around the midline (50%) accentuates the near-term market sentiment is neutral.
Related Articles
- Fed To Mirror ECB Rate Pause? Here’s What It Means For Bitcoin
- Will US Spot Bitcoin ETFs Reach 1 Million BTC Holdings by the End of July?
- Donald Trump To Reportedly Announce Bitcoin Strategic Reserve
Frequently Asked Questions
What Does Total Value Locked (TVL) Mean?
Is Toncoin Ready To Hit New High??
What are pivot level?
Recent Posts
- Price Analysis
Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Pi Network price has crashed by over 90% from its highest level since its mainnet…
- Price Analysis
Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
The Solana price continues to capture attention, with renewed focus coming from both analysts and…
- Price Analysis
Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…
- Price Analysis
BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
BONK price has drawn attention once again as its chart structure hints at renewed interest…
- Price Analysis
Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
Shiba Inu price has crashed in the past few months, moving from a high of…
- Price Analysis
XRP Price Prediction After Ripple CTO David Schwartz Resigns
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…