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Toncoin (TON) has shown incredible resilience in the face of a widespread bearish sentiment that swept through the cryptocurrency market starting early July. Bitcoin experienced an abrupt fall reaching lows around $54k while Toncoin bounced back quickly, signaling its power and promise in today’s volatile market.
The global cryptocurrency market went through a severe downturn in early July resulting to a total market capitalization of $1.98 trillion. However, TON distinguished itself by recovering quickly and showing more than 420% growth YTD which is not the case with other major cryptocurrencies that could hardly make any meaningful gains this year.
On July 5th, Toncoin fell to as low as $6.53 before embarking on a strong recovery journey. Despite remaining slightly negative over the week at 5% and monthly by 2%, it is significant that such price management highlights resilience of the token above $7.14 mark. Besides, TVL locked in the DeFi ecosystem has been climbing up steadily; it rose by approximately 60% within the last one month alone.
At present, Toncoin trades above important support levels necessary for maintaining an ongoing bull trend. The immediate support lies close to the psychological level of $7 where bulls have successfully defended against further downsides. Resistance is seen around levels near $7.50 that witnessed massive sell-off recently.
MACD (Moving Average Convergence Divergence) indicator indicates that there might still be room for a bullish crossover if buying pressure persists. Nevertheless, RSI (Relative Strength Index) survives close to area of concern as it stands at 46.6 meaning although not overbought or oversold but inching towards bearish territory.` This setup suggests that there is room for more downside in the coming days.
Toncoin’s resilient performance has been attributed to several factors such as its inventive DeFi ecosystem and strategic moves like the recent $270 million investment fund that it was able to attract. Furthermore, TON is working together with platforms like 1inch through the “Triangle” accelerator program while Sign attestation protocol plans have been initiated by Telegram supporting new projects on Telegram and TON.
Looking forward, Toncoin’s price path will largely depend on whether or not it can hold above the support at $7.00 and also rise over the resistance at $7.50. If bulls succeed in holding sway and push prices beyond this barrier, then Toncoin could test higher levels towards $8.00. Conversely, a break below $7.00 could see the price retesting lower supports at $6.50 and possibly $6.00 if bearish pressure intensifies
