- The Total Value Locked on the Toncoin blockchain has impressively reached $148 million, highlighting growing investor confidence.
- Partnerships like the one with HumanCode bolster Toncoin’s market presence, fueling anticipation and investment interest.
Toncoin has recently reached new highs and suggests the potential for further gains. The cryptocurrency briefly touched a price of $7.67 and is currently trending toward exceeding $8, with indicators pointing to the possibility of achieving a new all-time high above this threshold.
Since March, Toncoin has experienced a considerable price surge of over 260%, even as broader market conditions led to a drop in Bitcoin’s value below $60,000. Although Toncoin saw slight declines, its upward trajectory has largely remained intact.
Related: Fantom and Toncoin Ascend, Borroe Finance Gears Up for an Explosive Revenue Surge
Technical analysis shows that Toncoin is maintaining its upward momentum, advancing toward the 1 Fibonacci retracement level. It is supported by an ascending trend line that has reliably provided support since the coin moved out of a previous consolidation phase.
The Relative Strength Index (RSI) indicates a bullish divergence, suggesting that Toncoin could soon retest its highest recorded price and potentially ascend to the 1.2 Fibonacci level, estimated at around $9.
Currently, Toncoin’s trading price is $6.058, marked by an increase of 14.8% and a buying volume exceeding $500 million. Concurrently, the Total Value Locked (TVL) on the Toncoin blockchain has reached a new high of $148 million.
The rise in TVL complements the increase in the token’s price, indicating robust investor interest.
Related: Toncoin Surges to New Heights Amidst Talks of Telegram IPO: Unraveling the Story of TON
This positive market reaction is partially due to Telegram’s recent partnership with HumanCode, which has heightened investor expectations and interest. This collaboration is expected to further bolster Toncoin’s market position and appeal, potentially driving its value to new heights.
