Crypto markets experienced a significant decline last week. With a prevailing downward trend, the total market value fell by 3.6%, and there was a 27% decrease in trading volume compared to the previous week. However, the native cryptocurrency TON of the Toncoin network showed notable resistance against the market pullback and, according to experts, could potentially reach new highs this week.
TON Analytical Reports
While Bitcoin echoed around the price levels of approximately $65,000 and $60,000, the majority of major altcoins witnessed increased volatility over the last two weeks. However, during the same period, the price of Toncoin increased by 60%, rising from $4.6 to $7.3. The V-shaped recovery, supported by increased volume, could indicate sustainable growth for TON. The ongoing rally in Toncoin is due to a significant increase in Total Value Locked (TVL), as reported by the on-chain analysis aggregator DeFiLlama.
In Toncoin, TVL rose from $18.8 million at the end of February to $258.6 million, which could signify an impressive growth of approximately 1276%. This striking percentage increase in TVL could indicate growing confidence and interest in the Toncoin ecosystem due to more funds being staked or locked in its protocols. Continuous purchases could likely break TON’s all-time high resistance of $7.67. Potential breakout buys could accelerate and provide buyers with the right support for a higher ascent. This breakout would push Toncoin into price discovery mode, where traditional pivot levels could be used to estimate potential resistance levels.
Critical Level in TON
The daily chart’s support/resistance indicator might show that the immediate supply ceiling is $8.8, followed by $10. While the crypto markets generally declined, Toncoin displayed a notable rise, with its price increasing from $4.6 to $7.3. Toncoin’s recovery, supported by increased trading volume, points to a 1276% growth in Total Value Locked and anticipates breaking the all-time high resistance of $7.67.
