The cryptocurrency industry has experienced significant volatility over the past few weeks, mainly due to increased speculation and on-chain activity from a large number of whales. With the upcoming launch of a spot Ethereum ETF in the United States next week, the altcoin industry has received much attention.


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Toncoin Price Dilemma


The Telegram-based Toncoin (TON) project is largely uncorrelated with the rest of the cryptocurrency industry. Since March, the price of Toncoin has been making higher highs and higher lows every week, which is characteristic of an uptrend.


However, the uptrend in TON price may be coming to an end as the weekly relative strength index (RSI) is forming a bearish divergence amid a possible double top formation.


If Toncoin price continues in correction mode, the altcoin will find support around $5.7, which coincides with the 1.618 daily Fibonacci Extension.


At the same time, the upcoming listing of a spot Ethereum ETF in the United States next week may trigger a new round of gains for altcoins, including TON. In this case, the TON price must consistently close above $8.1 to offset a possible pullback in the next few weeks.


Evolving Web3 Development


The Toncoin network has grown into a top web3 ecosystem with over $751 million locked in dozens of DeFi protocols. Since its strategic partnership with stablecoin issuer Tether, the Toncoin ecosystem’s stablecoin market capitalization has risen to approximately $579 million as of the time of this report.


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In the latest development, the OKX wallet announced that it has successfully integrated with the Toncoin blockchain, enabling users to seamlessly transfer, exchange, and manage TON coins and its related tokens such as Notcoin (NOT).