Toncoin (TON) price has been in a bearish momentum in the last 24 hours after bulls failed to breach the intra-day high of $7.70. Bears, as a result, dipped the price to an intra-day low of $7.44 where support was established. At press time, TON was trading at $7.52, a 1.40% decline from the resistance.
Accompanying this dip, TON's market capitalization and 24-hour trading volume fell by 1.40% and 20.30%, respectively, to $18,489,553,369 and $210,082,163, reflecting decreasing investor interest.
Toncoin tested the ascending trendline support on Monday before bouncing back some 10%. It was trading at fresh weekly highs around $7.65 on Thursday. Considering activity and interest in the TON ecosystem, Toncoin has the potential to break its last all-time high easily. Since April 11, the price has managed to clock in three consecutive higher lows and four almost equal highs, making an ascending triangle on the daily chart.
However, an ascending triangle was bound to break out on June 14, where TON headed to a new all-time high of $8.29. This breakout turned out to be a fakeout and, for a brief spell, trapped traders with long positions. Subsequently, TON completed an almost 15% retracement to test the ascending trendline support around the 61.8% Fibonacci retracement level of $6.886.
Concurrently, the Financial Services and Regulatory Committee of Kazakhstan has approved Toncoin (TON) for trading on regulated exchanges. In fact, after undergoing a full-scale audit, Toncoin passed all the stringent listing requirements set by the financial regulator. This would not only confirm the credibility of TON but also increase access for potential investors.
According to on-chain data, whale activities are pretty severe and could be what TON is waiting for. It has recorded sharp spikes over the past week, with June 23 having the highest large-scale transactions 32. June 27's transaction volume increased to a 172 million TON, demonstrating increased interest from whale wallets. As such a significant upsurge in activity usually carries an important upshot in its price, it for sure means that the whales have begun to build positions in the hope of a possible rally.
Crypto analyst Ali Martinez has highlighted the bullish prospects for Toncoin and pointed out that after the cryptocurrency broke out of an ascending triangle pattern, its price could rise by $9, or up to 12%.
Adding to this optimism has been a steep increase in the open interest in TON data. It has increased by 19.5%, from $255.28 million on June 20 to $305.16 million on June 27. The RSI for Toncoin is at a neutral 57, whereby there is no overbought or oversold position. This position is neutral and allows for more growth. It might confirm a bullish move if the RSI gets closer to the level of 70, therefore encouraging price rallies.