Welcome to HODL FM. Here is what went down on Toncoin this week:
- $TON is down by 0.41% after setting a new ATH last week
- Total Value Locked (TVL) on The Open Network (TON) crossed $200M.
- $TON’s all-time market capitalization surged by 1550%.
- Social sentiment flew past 1%
Toncoin ($TON) generated lots of buzz after spiking to a new ATH of $7.4 during last week’s market session. The performance spiked its social dominance to 1.3% this week, as per data from Santiment.
Weekly Toncoin Technical Analysis
TradingView’s weekly chart indicates that the TON/USDT trading pair has dropped gradually since June 5, a day after touching its highest price. Here is the chart showing the decline from the weekly high of $7.2 to the press-time price of $6.82, which also happens to be the lowest price level in the last 7 days.
Throughout the week, the RSI indicators showed the blue line consistently above the yellow line, indicating a stronger upward momentum. The price of the asset also reached its highest point during the period. However, yesterday marked a significant change as the yellow line (currently at 58) crossed above the blue line (currently at 52) from below. This crossover suggests a potential shift in momentum, indicating a possible upward trend.
The MACD indicator showed a significant signal on June 3 when the blue line crossed above the orange line, indicating potential upward momentum just before TON reached its all-time high the next day.
Over the past week, the blue line has consistently remained above the orange line, suggesting continued bullish momentum. However, as of today, the two lines are nearly converging, with the blue line at 0.22 and the orange line at 0.21, hinting at a possible shift in trend.
The presence of short green bars on the MACD further indicates that there is still some buying interest. Because the bars shifted from short red ones, there is a high chance that the trend’s strength is strengthening.
Weekly Toncoin On-chain Analysis
The other notable event is the total value locked crossing the $200M mark as per a tweet by the official X account of Toncoin.
Coinglass insights also revealed that Toncoin’s Open Interest recorded significant cash inflows this week after reaching $227M on June 5. However, the amount has since declined to $190M at press-time.
Overall, Toncoin is performing well despite this week’s drop, which must have been driven by the plummet across other major cryptocurrencies, including Bitcoin, which is down by 2.5%, and Ethereum by a 6.1% drop on the 7-day chart.
More Info on Toncoin:
- Toncoin Surpasses $7 and Telegram’s IPO Speculations
- Telegram to Unveil Telegram Ad Platform in March with 50% Share Revenue for Channel Owners
Toncoin’s good June performance may also be attributed to Pantera Capital’s undisclosed investment last month, which lauded The Open Network’s PoS ecosystem integration on the Telegram messenger. There are tons of activities happening on TON with GameFi and DeFi developers rushing for the goldmine that is Telegram’s 196 million daily active users (DAU) and the messenger’s support for Web3 integrations.
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