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Bullish Prospects for Toncoin: USDT Circulation Paves the Way for Record Highs

Toncoin Price Analysis: Bullish Momentum Driven by USDT Circulation Boost

Toncoin (TON), the native cryptocurrency of the Toncoin Network, is showing remarkable resilience against the broader market trend. Despite last week’s market-wide sell-off, TON rebounded to $7.75 and has since remained stable, even as the broader market recovers. This stability underscores the bullish sentiment around TON, fueled by significant growth in Total Value Locked (TVL) and increasing utility.

Toncoin Price Analysis: USDT Circulation on TON Blockchain Exceeds 500M

An upward trendline on the daily chart is driving the mid-term bullish trend for Toncoin. Dynamic support, established since mid-March, has helped buyers create higher lows, indicating ongoing accumulation.

In mid-June, TON peaked at $8.28 before retreating 18% to find support at $6.7. Despite the recent crypto market sell-off, buyers have kept TON above this crucial floor.

On June 26, 2024, Satoshi Club tweeted that Tether’s USDT circulation on the TON Blockchain has surpassed 500 million, reaching 519.28 million. This milestone coincides with significant growth in the network’s TVL, now at $670 million, thanks to the integration of Web3 applications and the rising popularity of mini-games on Telegram.

These developments highlight the expanding TON ecosystem and the increasing adoption of Tether’s stablecoin within it.

Current Market Status and Technical Indicators

As of now, TON trades at $7.4, facing overhead resistance at $7.78. A potential reversal from this resistance could push the price down by 4.5% to the ascending trendline. If support holds, TON could see a recovery, targeting $9 and potentially $10.5.

Technical Indicators:

  • Pivot Level: If TON undergoes a prolonged correction below the support trendline, crucial support levels are at $6 and $4.77.
  • ADX (Average Directional Index): The falling ADX slope indicates that buyers are losing momentum amid the consolidation trend below $7.78.

With USDT circulation on the rise and a robust support trendline, TON is well-positioned for potential growth, provided the broader market conditions remain favorable.

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