In the face of a general cryptocurrency market downturn, Toncoin’s potential for a trend reversal has become a focal topic among investors and traders alike. Bitcoin’s recent plunge below $63,930, charting an intraday loss of 1.4% on Friday, has not spared the digital asset environment from a wave of selling pressure.
The market’s volatility has had a tangible impact, with 58,079 traders facing liquidation in the last 24 hours, leading to total liquidations of roughly $133.77 million. Despite this pervasive bearish sentiment, Toncoin has defied the odds, maintaining stability above the $7 mark. This resilience suggests that a bullish reversal may be imminent for the cryptocurrency.
A significant development that may catalyze Toncoin’s ascent is Binance’s recent decision to integrate Tether (USDT) into the Toncoin Network. The integration, expected to enhance the flexibility of transactions for users, could very well boost Toncoin’s transaction speeds and decrease costs, presenting an attractive case for increased adoption and usage.
At the moment, the TON price hovers around $7.12, showing a negligible intraday drop of 0.14% and forming a Doji candle on the charts, signaling indecision among traders. However, technical analysts propose that should the altcoin rebound from its current support trendline, it may not only revisit its all-time high beyond $8.13 but potentially extend its rally toward the $10 psychological threshold.
Toncoin’s market indicators reinforce this bullish outlook, with the network’s Total Value Locked (TVL) nearing a milestone, standing at $969 million and close to the billion-dollar valuation. This figure suggests sustained and growing interest in the network’s capabilities.
While optimism abounds, it’s crucial to acknowledge the potential support levels that could act as safety nets if Toncoin were to witness a continuation of the bearish trend. Support is currently identified at the $6 and $4.74 levels.
All in all, Binance’s USDT integration could very well be the spark that Toncoin needs to navigate through the turbulent market conditions. Investors and enthusiasts will be keeping a close eye on the cryptocurrency in the coming days, as it strives to carve out a path to new heights amidst market uncertainty.
