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Toncoin (TON) Sees Growth in Its Decentralized Finance Sector
Toncholine [TON]The blockchain network linked to the popular messaging app Telegram, has seen a spike in activity in its decentralized finance (DeFi) in the last weeks.
This comes against a backdrop of a decline in the overall DeFi ecosystem due to recent downturns the overall cryptocurrency market.
Toncoin Leads, Others Follow
The last month has seen a steady decline in the values of several crypto assets. This has led to a decline in the total value of assets locked (TVL) in DeFi protocols on most blockchain networks.
Bucking the trend, Toncoin’s TVL has been on the rise over the past month. On July 3, the network’s event TVL soared to an all-time high of $723 million. At $702 million at the time of writing, Toncoin’s DeFi TVL has skyrocketed over 60% in the past 30 days.
Total value of Toncoin locked. Source: DefiLlama
Additionally, only five of the 17 DeFi protocols hosted on Toncoin have seen a drop in TVL during this period. In fact, the largest protocol on-chain by TVL, DeDust, has seen its TVL increase by over 100% in the last month.
Mirroring the increase in DeFi activity on Toncoin, daily trading volume on decentralized exchanges (DEX) on the network hit an all-time high of $97 million on July 5.
TON Price Forecast: Coin is trading below the key moving average
At the time of writing, TON is trading at $7.25. The general market decline has caused its price to fall below its 20-day exponential moving average (EMA).
The 20-day EMA of an asset plots its average price over the last 20 trading days. When an asset’s price trades below this level, it signals a decrease in buying pressure. It is considered a bearish signal.
If the selling pressure on TON continues to increase, its price could drop to $7.1.
However, if the sentiment changes from bearish to bullish and demand increases, TON could rise to $7.46.
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