Toncoin’s Expansion in Asia: What It Means for TON Price
NAIROBI (CoinChapter.com) – Toncoin (TON) made its way into the Asian market on May 29 by starting trading on Coins.ph. This move signifies a significant step in Toncoin’s Asian expansion and bolsters its regional influence. Coins.ph, a renowned exchange in the Philippines, adds to Toncoin’s growing adoption and prominence in the decentralized finance (DeFi) ecosystem. On the same day, Toncoin’s Total Value Locked (TVL) reached an all-time high of $640 million, further highlighting its traction and significance in the DeFi space.
Unlocking New Growth Opportunities in Asia
Toncoin’s expansion into Asian markets has resulted in a significant increase in its user base and transaction volume. The number of daily active addresses has surged to 488,890, reflecting a growing adoption rate. The integration with Coins.ph, a major crypto exchange in Southeast Asia, has made TON more accessible to a wider audience, leading to enhanced liquidity and trading volume.
Furthermore, the TON Network is witnessing a surge in daily transactions, active addresses, and decentralized exchange (DEX) volumes. This surge further emphasizes the growing adoption and utilization of Toncoin. Notably, daily transactions have increased by 5.7%, active addresses by 52.1%, and DEX volumes have reached $121.8 million, showcasing the network’s significant traction.
Steady Growth in Total Value Locked
Toncoin’s Total Value Locked (TVL) has shown consistent growth throughout 2024. Starting at $72 million on January 1, it has now reached an impressive $640 million as of May 29. The growth is primarily driven by Tonstakers, a key liquid staking solution within the Toncoin ecosystem, which manages $232 million in TVL. The liquid staking sector has garnered significant interest this year, mirroring trends seen on the Ethereum blockchain, where LDO currently holds the largest TVL.
Technical Indicators Point Towards a Potential Breakout
As of May 31, 2024, Toncoin (TON) is trading at $6.41, representing a daily decrease of 1.36%. Its market capitalization stands at $15,469,837,749, positioning Toncoin at rank #10 in the crypto market. In the past 24 hours, the trading volume has recorded $132,155,533.
Toncoin’s chart indicates that it is trading close to the key resistance level at $6.50. A breakthrough at this level could lead to further gains. The 50-day and 200-day Exponential Moving Averages are $5.991 and $4.169, respectively, indicating a strong upward trend. The chart also highlights crucial Fibonacci retracement levels, with the 0.236 level at $6.684 and the 0.618 level at $7.792, suggesting potential price targets.
Additionally, the Relative Strength Index (RSI) for Toncoin is at a neutral 54.31, indicating neither overbought nor oversold conditions. This signifies a balanced market sentiment with potential for both upward and downward movements. Finally, the Chaikin Money Flow (CMF) indicator at 0.10 shows a positive inflow of capital, reinforcing the bullish sentiment among investors.