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Key Resistances to Watch As Toncoin Enters Price Discovery Mode – Crypto News

Published

2 years ago

June 16, 2024

Dripp

The majority of major cryptocurrencies witnessed a notable selling pressure in the second week of June. This downfall was bolstered by Bitcoin miner’s capitulation and significant outflow from U.S. listed ETFs, plunging the BTC price to a 4-week low of $64939 on Friday. Bucking the market correction, the Toncoin price has showcased a 20% growth this week to hit an all-time high of $8.25. Will the momentum persist, as the market hints at a prolonged downfall?

Also Read: Bitcoin Buy The Dip Calls Surge But BTC Price Drop Under $65,000 Can Be Fatal

Crypto.com Listing and TVL Surge Propel Toncoin Price to New Heights

OKX:TONUSDT Chart Image — Toncoin price| Tradingview

Over the past three months, the Toncoin has witnessed a sustained uptrend supported by an ascending trendline in the daily chart. This dynamic support has bolstered buyers to maintain a series of higher lows indicating the investors are actively accumulating the asset at mark dips.

This recovery is also supported by a parabolic rally in Total Volume Locked (TVL). According to data from DefiLlama, the TVL on the Toncoin network has surged from $18 million in late February to $592 million currently, marking a remarkable growth of approximately 3189%. This substantial rise in TVL indicates strong investor confidence and increasing adoption of the Toncoin network.

The current week was notably bearish for the broader market as Bitcoin price plunged from $70000 to $64939. However, TON’s price showed notable resilience above the $6.73 mark and rebounded sharply to hit a new high of $8.288 today.

Also Read: Bitcoin Price Analysis: What’s Next For BTC As Crypto Fear And Greed Index Nosedives

Earlier this week, the cryptocurrency exchange Crypto.com announced the listing of TON coins and enabled easy purchases with USD, EUR, GBP, and over 20 other fiat currencies. This listing is likely to enhance Toncoin’s visibility, increase its liquidity, and attract a broader investor base

The Toncoin price currently trades at $8 and should seek support from the recently break resistance of $7.7. If the breakout sustains, the Traditional pivot level shows potential resistance at $9, followed by $10.6.

On a contrary note, if the coin price slips below $7.7 flipped support, the buyers could rely on the aforementioned ascending trendline to keep the recovery trend intact.

Technical Indicator

BB Indicator: The midline of Bollinger Band indicators provides dynamic support indicating the buyers are leading a high momentum rally.
ADX: The ADX rising at 21% indicates the current recovery is far from exhaustion and buyers could lead a prolonged rally in the near term.

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