In the second week of June, the main cryptocurrency Many of its units faced significant selling pressure. This decline was supported by the capitulation of Bitcoin miners and significant outflows from US-listed ETFs. This dropped the BTC price to a 4-week low of $64,939 on Friday.
However, defying the general downward trend in the market toncoin (TON) is up 20% this week, reaching an all-time high of $8.25. Although there is a long-term downward trend in the overall market, it is a matter of curiosity whether Toncoin can maintain this momentum.
Listing and TVL Ripple Push Toncoin Price to New Highs
Over the past three months, Toncoin has exhibited a steady uptrend supported by a rising trend line on the daily chart. This dynamic support enabled buyers to cover a series of higher lows, indicating that investors were actively accumulating the asset on dips.
This recovery is also supported by a parabolic rally in Total Volume Locked (TVL). According to data from DefiLlama, TVL on the Toncoin network has increased from $18 million at the end of February to $592 million currently, indicating a remarkable growth of approximately 3189%. This significant increase in TVL demonstrates strong investor confidence and increasing adoption of the Toncoin network.
The current week has been significantly bearish for the broader market as Bitcoin price fell from $70000 to $64939. However, TON’s price showed notable resilience above the $6.73 mark and recovered sharply to reach a new high of $8,288 today.
Earlier this week, cryptocurrency exchange Crypto.com announced the listing of TON coins, enabling easy purchases with USD, EUR, GBP and more than 20 other fiat currencies. This listing will likely increase Toncoin’s visibility, increase its liquidity, and attract the attention of a broader investor base.
Toncoin price is currently trading at $8 and should seek support from the $7.7 resistance it recently broke. If this breakout continues, potential resistance can be seen at the traditional pivot level at $9 and then $10.6.
Conversely, if the coin price declines below the support at $7.7, buyers can rely on the above-mentioned ascending trend line to maintain the recovery trend.
Technical Indicator
BB Indicator: The middle line of the Bollinger Band indicators provides dynamic support indicating that buyers are leading a high momentum rally.
ADX: ADX up 21% suggests that the current recovery is far from exhausted and buyers could lead a prolonged rally in the near term.
