The cryptocurrency market has been experiencing intense volatility recently, driven by speculation and significant whale activity. Altcoins, in particular, have been in the spotlight due to the upcoming launch of spot Ethereum ETFs in the US next week.
However, Toncoin (TON), the Telegram-based project, seems to be charting its own course. Since March, TON has displayed a bullish trend, consistently making higher highs and lows each week. This positive trajectory might be nearing its peak, with the weekly Relative Strength Index (RSI) forming a bearish divergence and a potential double top pattern emerging.
If a correction sets in, TON could find support around $5.7, aligning with the 1.618 daily Fibonacci Extension. However, the upcoming Ethereum ETF launch could ignite a fresh altcoin rally, including TON. For this scenario to materialize, TON needs to consistently close above $8.1 to avoid potential downward movement in the following weeks.
On a brighter note, the Toncoin network has blossomed into a top-tier web3 ecosystem, boasting over $751 million locked across various DeFi protocols. The strategic partnership with Tether, a stablecoin issuer, has further bolstered the ecosystem, pushing its stablecoin market cap to a staggering $579 million at the time of writing.
Further positive developments include OKX wallet's successful integration with the Toncoin blockchain. This integration allows users to seamlessly transfer, swap, and manage TON coins and related tokens like Notcoin (NOT),
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