On Friday, the crypto market showcased a neutral sentiment as Bitcoin price formed a sideways Doji candle in the daily chart. However, some major cryptocurrencies including TON remained positive indicating a high conviction from buyers. Since yesterday, the Toncoin price has jumped 1.3% and projects the potential for higher recovery amid TVL growth and expanding utility. 

Rising TVL and OKX Wallet Support Boost Toncoin Price Outlook

Over the past two months, the Toncoin price has showcased a sideways trend resonating between two converging trendlines of triangle patterns. These two lines as dynamic resistance and support have prevented the TON holders’ major correction during the June market fall.

In theory, the consolidation pattern indicates the buyers are recuperating the exhausted momentum from the prevailing rally. Currently, the Toncoin trades at $7.3 projecting an intraday gain of 0.7% and the market cap of $18.3 Billion.

While the market shows continued sideways movement, the Total Value Locked (TVL) in the Toncoin network has shown a positive shift, increasing from $741 million yesterday to $759 million.

Toncoin TVL| Coinglass

A rising TVL indicates that more assets are being deposited into the network, which can signify growing trust and interest among investors. 

In addition, OKX Wallet has recently announced support for Toncoin (TON), broadening its compatibility to encompass 100 different blockchains. This strategic integration enables users to efficiently discover, manage, swap, and transfer TON and TON-based assets within the OKX Wallet. Adding Toncoin to OKX Wallet’s extensive list of supported blockchains signifies a significant milestone for both platforms. 

Amid these developments, the Toncoin price is better positioned to break above the overhead trendline, indicating a potential continuation of the upward trend. The post-breakout rally could chase the initiation target of $11.15.

Technical Indicator 

Pivot Levels: As Toncoin shows potential for entering price discovery mode, the Traditional pivot level marks immediate overhead resistance at $8.53, followed by $9.53.
RSI: The daily Relative Strength Index slope wavering around the midline (50%) accentuates the near-term market sentiment is neutral.

The post Toncoin Price Recovery Resumes as TVL Growth Approaches New Peak appeared first on CoinGape.

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Filed under: News - @ July 19, 2024 1:23 pm