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Toncoin (TON) recently saw a notable price surge driven by significant market developments. At press time, TON is trading at $7.30, reflecting a 1.36% increase over the past day. This analysis explores the factors contributing to this rise, including Coinbase's introduction of perpetual futures trading and recent developments in the Toncoin ecosystem.
The Toncoin price chart shows it recovering after a sharp dip that placed the price just above $7.20 but rebounded it back above $7.30. This swift recovery marks a very important support level of about $7.20, where buyers look to step in.
The price has faced a hurdle in its attempt to break and hold above $7.32 on the resistance front, hence making this a short-term resistance level. In case Toncoin breaks the resistance level at $7.32 and sustains the same upside, it may look for higher levels of resistance around $7.50. On the contrary, breaking below the $7.20 level of support will send prices lower as the asset tests the next lower support levels.
The trading volume has decreased by 4.12% to $202,447,241, suggesting that the recent price movements might be driven by decreasing liquidity, adding to the volatility. During this rally, Toncoin's market capitalization soared by 1.50% to $18,349,045,092, taking the 8th position in the most valuable cryptocurrencies.
Other technical indicators provide even more insight into the market condition of Toncoin: here, the MACD line is close to the signal line and almost touches at zero. This means there is no strong momentum in either direction and, therefore, this would be read as a neutral market position.
The Relative Strength Index (RSI) is near 50, which shows a balance between both buying and selling pressure. This central value in the RSI points to neither overbought nor oversold conditions, further asserting that the market sentiment is in a neutral state at the moment.
These movements exhibit two critical levels. The price at $7.20 has tested this support level multiple times, with buyers showing great interest at that price. On the upside, the price at $7.32 has capped price advances time and again, showing consistent selling pressure in and around this level. If the price sustains above $7.32, it may lead to further bullish momentum up to higher levels.
Coinbase launched TON and two other perpetual futures contracts on July 19, 2024. This enables investors to start all over again new engagements with Toncoin in the still more complicated way in trading. The new contracts are available on the Coinbase International Exchange and Coinbase Advanced platform.
Having Coinbase introduce these futures contracts might make Toncoin more visible to the public and, therefore, increase the trading volume, likely moving the price more. This would mean retail and institutional investors turning to this, with an effect on market liquidity and depth.
In a new development, Toncoin added the Bitcoin bridge to enhance interoperability between TON and Bitcoin. This bridge, Ton Teleport BTC, is expected to be launched to the public later in 2024 and will enhance the value of Bitcoin within the Toncoin blockchain ecosystem. This recent feature has brought the bulls to the investors and increased the prices.
This Bitcoin bridge will be one of the most important bridges for seamless cross-chain transactions. This adds yet another dimension to the Toncoin-to-Bitcoin network in terms of functionality—more users and more transactions, hence increased market stature.
