The cryptocurrency industry has experienced heightened volatility in the last few weeks, fueled by increased speculation and significant whales’ on-chain activity. The altcoin industry has attracted significant attention amid the upcoming listing of spot Ethereum ETFs in the United States next week.
Toncoin Price Dilemma
The Telegram-based Toncoin (TON) project remains largely uncorrelated with the rest of the crypto industry. Since March, the Toncoin price has been making weekly higher highs and higher lows, a characteristic of a rising trend.
However, the rising trend on the TON price could be approaching the end as the weekly Relative Strength Index (RSI) forms a bearish divergence amid a possible double top.
If the Toncoin price continues in a correction mode ahead, the altcoin will find a support level around $5.7, which coincides with the 1.618 daily Fibonacci Extension.
Meanwhile, the upcoming listing of spot Ether ETFs in the United States next week could trigger a fresh altcoin rally, including TON. In such a scenario, the TON price must consistently close above $8.1 to invalidate possible correction in the subsequent weeks.
Growing Web3 Development
The Toncoin network has grown to a top-tier web3 ecosystem, with more than $751 million locked by dozens of DeFi protocols. Since the strategic partnership with stablecoin issuer Tether, the Toncoin ecosystem has seen its stablecoin market cap rise to about $579 million at the time of this report.
In the latest developments, the OKX wallet announced that it has successfully integrated with the Toncoin blockchain to enable users to seamlessly transfer, swap, and manage TON coin and its related tokens such as Notcoin (NOT).
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