- Toncoin‘s price action recently? A boring tale of no trends, nothing to see here.
- But wait, hold your horses! The lack of significant selling indicates hope for a potential recovery!
The Open Network (TON), that open-source decentralized Layer 1 blockchain, witnessed a mysterious spike in demand for its native cryptocurrency, Toncoin, on the 8th of July. It surged a jaw-dropping 12.1% in just two hours. It seems the crypto world can still surprise us, after all.
But don’t pop the champagne just yet, dear reader. The 12-hour chart shows a darker side — bearishness still looms over Toncoin like a storm cloud. Despite the recent frenzy, the token struggles to breach the magical $3 and $2.92 marks, painted in hopeful green. Alas, even in crypto, some dreams are never realized.
The rally fizzled out, falling back below $2.92. Meanwhile, the CMF (Chaikin Money Flow, for the uninitiated) bounced back to -0.01. Does it scream “high demand”? Not quite, my friend. Not yet.
Likewise, the A/D indicator has been trudging downward all week. Volume indicators are still signaling that consistent demand is needed for Toncoin to rise above the $3 resistance. It’s a waiting game. Patience, young trader.
If you’re thinking of going long, you may want to wait until that elusive $3 level flips to support. Until then, it’s like waiting for the next season of your favorite TV show.
Why on earth is TON suddenly skyrocketing in value?
The Open Network rolled out a golden opportunity — 10-year Golden Visas for anyone who stakes a cool $100k in TON for three years. Oh, and don’t forget that $35k processing fee. The best part? You still control your assets, unlike some other shady investments.
And as a cherry on top, you get a yearly yield of 3%-4% on your staked assets. Sounds like a crypto dream, right?
Bobby Ong, co-founder of Coingecko, waxed poetic on this partnership, claiming, “The entry cost is 5x lower than a real estate or FD investment, and it’ll definitely make whales sit up and pay attention to TON.” A bold prediction, to be sure. But will they bite? Only time will tell, dear reader.
“The entry is 5x lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option.”
As for the price action? The $2.7-$2.8 zone has been solid support since April, with the psychological level at $2.5 also playing its part. However, with the UAE Golden Visa announcement in play, some believe whales might start purchasing Toncoin in droves at these levels. Could we be witnessing the start of an uptrend? It’s not impossible, but keep your expectations tempered.
Now, if you’re wondering about the “coin days destroyed” metric (yes, we’re diving into the weeds), it’s a way to measure how long-term holders are behaving. The higher the value of CDD, the more old Toncoin is being moved, usually to sell. A flurry of coin days was destroyed back in May, but since then, selling pressure has been notably weak. If the trend continues, Toncoin’s price might be in for another leap upward.
In conclusion, while it’s easy to get lost in the rush, keep in mind that the crypto rollercoaster doesn’t stop for anyone. Toncoin may very well take us on a wild ride in the coming weeks, but as always, it’s a game of high stakes and patience.
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2025-07-06 16:00