Convergence

Toncoin

Resistance

Billion

The crypto verse in early July experienced a massive decline, as BTC experienced an abrupt fall, reaching lows around $54k, but Toncoin (TON) bounced back quickly and showed incredible resilience in the face of a widespread bearish sentiment. 
On July 5th, TON declined to as low as $6.50 before embarking on a robust recovery journey. As of writing, the price traded above dynamic support bands, which signifies bullishness in the long term. 
TON rose 2.81% in market value and by 25.65% in trading volume in the last 24 hours, as per Coinmarketcap. 
Market value stands at $18.472 Billion, trading volume stands at $252.79 Million. Despite the surge, the liquidity ratio stands weak at 1.35%, which suggests that the TON market could present less stable markets.&nbsp; 
Out of the total supply of $5.108 Billion TON, the people’s hands hold nearly $2.506 Billion TON, which makes up nearly 50% of the total. 
<h2 class="wp-block-heading" id="h-what-does-toncoin-ton-derivatives-data-analysis-showcase">What Does Toncoin (TON) Derivatives Data Analysis Showcase?</h2> 
<a href="https://www.thecoinrepublic.com/2024/07/06/toncoin-retains-higher-levels-amid-market-turmoil-whats-next/">TON Futures Open Interest</a> (USD) showcases its growth in the derivatives market. Before March 2024, the OI was below $50 Million, and as of writing, there were 3.27% more contracts, with a total OI of $285.09 Million.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfow4-PExyA39cdfrMqD5f1ycw9Fwhwuv5NkD0INwBrWJJNLKKDfNXPVfnHxh8km6MvN2DOpVbCTkJpsJmejMzk7er9M7yA6cWf064RWeCoTEmWaeOoOqNiFgRQFAPXwdcD_2KxxQaE_Pt1-KFSYtyzMefq?key=-hWzkITyPQNYWMyEuc_Img" alt="Toncoin .">
 <figcaption class="wp-element-caption">
 TON Futures Open Interest (USD) | Source: Coinglass
 </figcaption>
</figure> 
Meanwhile, the derivatives volume was $216.19 Million, which experienced a 30.32% surge in the last 24 hours. The liquidation highlights that more shorts were liquidated in the market, instead of longs. The shorts amount was higher in the past 24 hours at $62.57 K, while the longs were at $40.82K. 
<h2 class="wp-block-heading" id="h-what-does-active-addresses-and-volatility-speaks-for-ton">What Does Active Addresses, and Volatility Speaks For TON?</h2> 
The resurgence in the addresses activity on Toncoin has been witnessed. Up to mid-June, the active addresses count was plummeting, from the peak of nearly 11K active addresses in accordance with the 30-D average. 
Active addresses represent the number of wallets engaging with the TON project, and from the June third week, the number has advanced. By July 11th, nearly 10.4K active addresses count was recorded, which showed users of TON are once again engaged on the network. <iframe loading="lazy" title="Santiment Chart: Active Addresses 30d (TON), Price Volatility 1w (TON)" width="800" height="425" src="https://embed.santiment.net/chart?ps=toncoin&amp;pt=TON&amp;df=2023-12-21T00%3A00%3A00.000Z&amp;dt=2024-07-11T18%3A29%3A59.072Z&amp;emcg=1&amp;wm=active_addresses_30d%3Bprice_volatility_1w&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
Similarly, the volatility has decreased to 0.03 from the peak of 0.188. It highlights stability in TON, which displays that the buyers are improving their traction.&nbsp; 
<h2 class="wp-block-heading" id="h-chart-analysis-what-will-ton-do-next">Chart Analysis: What Will TON Do Next?</h2> 
At press time, Toncoin was trading above a crucial support level, which is necessary for maintaining an ongoing bull trend. The immediate support lies at $6.80, near the psychological level of $7.0, where bulls succeeded in defending against further drops. Resistance is near $7.50, and $8.00 witnessing sell-offs on the daily chart.  
<a href="https://in.tradingview.com/chart/TONUSD/nVedAzVL-there-might-still-be-room-for-a-bullish-cross/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
The MACD (Moving Average Convergence Divergence) indicator shows the possibility that there might still be room for a bullish cross, contingent on buying pressure. Likewise, the RSI stands at a neutral line around 50.53 and looks headed for the overbought territory, signifying bullishness. 
TON’s path depends on whether it can hold above the psychological support at $7.00 and surge past the resistance at $7.50. If bulls push the price beyond this hurdle, Toncoin could test $8.00. 
Conversely, a breaching below $7.00 could witness the price retesting toward the lower supports at $6.50 and possibly $6.01 if bearishness intensified. 
Despite the recent crypto market decline, TON showed resilience and a potential bullish trend. Its price has recovered from lows of $6.50 and is trading above support levels. Toncoin also has growing interest in the derivatives market, with increasing open interest and trading volume.&nbsp; 
Active addresses on the network have also been on the rise, indicating user engagement. Overall, Toncoin’s outlook appears positive, with potential for further price increases if it can overcome resistance levels. 
The post <a href="https://www.thecoinrepublic.com/2024/07/12/toncoin-shows-resilience-amid-crypto-market-decline-will-it-rise/">Toncoin Shows Resilience Amid Crypto Market Decline, Will It Rise?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Toncoin Shows Resilience Amid Crypto Market Decline, Will It Rise?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 12, 2024

Whale Activities Increase in The Open Network (TON)

Animoca Brands Launches Validator on Bitcoin L1 Core to Boost Security

Germany Has Only 12% Of Its Seized Bitcoin Holdings To Offload After Weeks Of Selling

Here’s how, XRP outperforms BTC, ETH, and SOL

Blockchain settlement startup Partior raises $60m from Peak XV, Jump Trading

THETA and ONDO Holders Shift Focus To New Kid On The Block With Incredible Revenue Sharing Model

Join our free newsletter for daily crypto updates!