Toncoin Price Analysis Hints $10 Rally as TVL Growth Doubled in June
Toncoin Price Analysis. On Monday, the crypto market witnessed renewed supply pressure as Bitcoin plunged over 4% in Asian trading hours to $60580. The global crypto market also tumbled 4.42% to reach 2.25% spreading the bearish momentum in most of the major altcoins including Toncoin. The TON price developed a new lower high formation in daily projecting an initiation sign of trend reversal. Is a dump upcoming?
Also Read: Toncoin Price Forecast: How Binance’s USDT Integration Can Boost TON To New Highs
Toncoin Price Analysis: Will TON Suffer Amid Rising Network Phishing Attacks?
TON, the native cryptocurrency of Toncoin Network has shown strong resilience above the $6.74 despite the broader market correction in June. While the BTC price is heading fast to the $60k mark, the TON price forms long-tail rejection candles at $6.74 indicating the intact demand pressure.
Today, the TON price fell by 3.77% to $7.20, influenced by today’s market sell-off and growing investor uncertainty due to increasing phishing attacks on the Toncoin Network. Blockchain security platform SlowMist has reported a rise in phishing activities targeting the TON ecosystem. These attacks exploit the freedom of the Telegram ecosystem, using phishing links, bot forms, and fake airdrops distributed through message groups to steal assets from users’ TON wallets.
TON 生态的钓鱼开始多了，Telegram 生态过于自由的特点，许多钓鱼链接（或 bot 形式）通过消息群组方式传播，空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产（包括 NFT，特别的如 Anonymous Telegram Numbers，类似手机号，许多人用于创建 Telegram 账号，这个被钓走，意味着对应的 Telegram…
— Cos(余弦)
(@evilcos) June 24, 2024
Particularly vulnerable are Anonymous Telegram Numbers, often used to create Telegram accounts. If compromised, these numbers can lead to the loss of corresponding Telegram accounts unless users have enabled independent passwords, such as Two-Step Verification.
As news of these attacks spreads, investor confidence in the security of the TON ecosystem may wane, leading to a negative impact on TON tokens.
However, the Toncoin maintains a mid-term uptrend utilizing the ascending trendline in the daily chart. The altcoin will retest this dynamic support after a 4% drop, providing buyers a suitable pullback to recuperate bullish momentum.
In addition, the Total volume Locked (TVL) on the Toncoin Network continues to grow hitting $646.5 Million as per the data from DefiLlama. With a 96.56% increase in TVL during June, the network continues to thrive, reflecting greater adoption by market participants.
Thus, this altcoin is likely to witness another reversal from the support trendline, potentially uplifting it to the $10 mark.
Technical Indicator
- EMA: The coin price trading above the daily Exponential Moving Average (50, 100, and 200) indicates the path to least resistance is up.
- RSI: The daily Relative Strength Index (RSI) line wavering around the 50% midline indicates a neutral sentiment among traders.
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