Toncoin Price Analysis: Over the weekend, the cryptocurrency market remained neutral and did not forecast a clear dominance of buyers over sellers. After Bitcoin consolidated above the $60,000 support, most major altcoins showed sluggish price behavior throughout the week, waiting for a better reversal signal. Amidst the uncertainty, TON price is trading on a slightly positive note and is attempting to break out of the $7.6 resistance to regain the bullish momentum.
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Toncoin Price Analysis: TON Records 113% TVL Growth and Major Regulatory Approval
Despite the market decline in June, Toncoin maintained its upward momentum, rising from a monthly low of $6.275 to a trading price of $7.68, representing a 22.5% increase. This upswing was fueled by a surge in network activity, wider adoption, and the launch of play-to-earn games on Telegram, all of which played a crucial role in the recovery.
Recently, the Astana Financial Services Authority (AFSA) officially approved trading of Toncoin (TON) in Kazakhstan after a comprehensive audit confirmed compliance with regulatory standards.
This inclusion is expected to attract a new wave of institutional and retail investors and provide them with safe and transparent trading opportunities within the AIFC’s regulated environment.
In a recent tweet, renowned trader Alicharts highlighted a surge in Toncoin investment, revealing that whales have purchased over 45 million TON worth around $346.5 million in the past week. This accumulation underscores investors’ strong confidence in the future potential of this asset.
Whales have bought more than 45 million #Toncoin $TON worth around $346.5 million last week! pic.twitter.com/P3UKHHjHcU
— Ali (@ali_charts) June 30, 2024
At press time, Toncoin is trading at $7.66, maintaining its position as the eighth-largest cryptocurrency with a market capitalization of $18.84 billion.
Furthermore, the total value locked (TVL) on the Toncoin network has continued to rise, reaching $700 million on Sunday, according to DefiLlama data. With a significant 113.41% increase in TVL in June, the network is showing robust growth and increasing adoption among market participants.
With a modest intraday gain of 1.4%, TON price is aiming for a higher momentum that will soon challenge the immediate resistance of $7.86.
If buyers convert the overhead resistance into a suitable support, Toncoin could surpass the $8.28 level and target the $9 level, followed by $10.5.
However, if the supply pressure in the market continues, the TON price could fall by 4-0.5%, seeking support at the ascending trend line since mid-March. Dynamic support is strengthening buyers with suitable accumulation points and a stable higher-low formation.
Technical indicator
- EM: The coin price trading above the rapidly fluctuating 20 and 50 exponential moving averages indicates that buyers are still active towards the asset.
- ADX: The slope of the Average Directional Index falls to 11.5%, indicating that the ongoing consolidation has stabilized the price after the recent rally, which is favorable for a renewed recovery trend.
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