Toncoin Price Tumbles Amid Open Interest Declines

Amid the ongoing market corrections, the Toncoin price has experienced significant volatility. The altcoin indicates a steep decline from a recent high

As the market continues to experience corrections, the Toncoin price has seen significant volatility. The altcoin is showing a steep drop from a recent high, falling below the $7 support level. The bearish trend has been dominating the market throughout the day, indicating strong selling pressure, especially after a brief peak earlier in the day.

This downward movement suggests that traders are reacting to the broader market conditions, which are contributing to a shift in sentiment and a sustained decline in the value of Toncoin.

Toncoin Price Drops Amid Open Interest Declines

According to data from Coinglass, the Toncoin price is seeing a bearish trend, with derivatives metrics showing large decreases. The volume of trades has seen a reduction of 14%, now amounting to $635.97 million. This decline in trading activity indicates a weakening interest among traders and investors, which could be contributing to the downward pressure on the asset’s price.

Furthermore, open interest has decreased by 2.28%, now at $248.58 million. With both trading volume and open interest declining, the bearish sentiment surrounding Toncoin could continue to impact its market performance.

Over the last 24 hours, the layer 1 cryptocurrency has seen a remarkable price drop. In the past 30 days, the altcoin has seen a decrease of approximately 12%, reflecting a broader downward trend.

At the time of writing, the TON price is hovering at $6.43 during the European trading session, showing a 4% dip.

According to data from CoinMarketCap, despite the decrease in price, the trading volume over the past 24 hours has surged by 19%, now reaching $548 million. This increase in volume indicates heightened trading activity, possibly due to market participants reacting to the price drop.

Toncoin is showing strong bearish momentum in the current market, which could signal a potential downtrend support might be found around $6 if the market sentiment weakens.

Binance Adds New Subscription Quota for Toncoin

On Friday, Binance announced its plan to introduce an additional subscription quota, limiting each user to a maximum of 50 TON. The initial farming quota, launched earlier, quickly became oversubscribed within minutes, signalling strong demand from users.

Due to overwhelming demand, the Toncoin $TON Super Earn was fully subscribed in minutes.

We’re launching an additional quota at 12 pm UTC— max subscription capped at 50 $TON per user.

Act fast to secure your spot!

Details here ? https://t.co/k7OK4rkKMP pic.twitter.com/KerkZSQfwe

— Binance (@binance) August 16, 2024

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