Toncoin (TON) Price Forecast: Bulls to Mount Steady Support at $7

The chart above shows that Toncoin has an Open Interest of $277.3 million at the time of publication on July 10, while TON market capitalization

The price of Toncoin has been surging steadily in recent weeks, fueled by strong ecosystem growth and the launch of several promising projects on the TON network.

This sustained rally has propelled Toncoin into the top 10 crypto asset rankings, overtaking Dogecoin (DOGE) in the process.

As of July 10, Toncoin is ranked 8th by market capitalization, with a market cap of $18 billion and an open interest (OI) in futures and options contracts of around $277.3 million. This OI/MC ratio works out to be approximately 1.54%.

In comparison, Dogecoin, which currently has a market cap of about $15.7 billion, has an open interest of around $495 million, according to the latest Coinglass data on July 10. This translates to an OI/MC ratio of approximately 3.15%.

A higher OI/MC ratio, typically indicates a greater level of speculative activity in a crypto asset's futures and options markets. In the context of the bear market, this can lead to more volatile price downswings, as futures positions get liquidated en masse.

This phenomenon has been largely evident in the crypto markets over the past month. For instance, Dogecoin's OI/MC ratio and its price performance aligns with this trend.

However, Toncoin's lower OI/MC ratio could partly explain why TON price has managed to post a more resilient performance compared to other mega crypto assets in the bear market phase.

This lower OI/MC ratio suggests a geringere level of speculative activity in Toncoin's futures and options markets. In turn, this implies that Toncoin's price is being influenced more by other factors, such as organic demand and ecosystem growth.

This sustained growth in Toncoin's price and market cap has also attracted the attention of several crypto traders and investors. Notably, Toncoin's market performance and its lower OI/MC ratio is seen as a bullish sign by some traders.

This could potentially attract more buyers towards TON in the coming weeks, especially in a market where most crypto assets are posting losses.

Moreover, Toncoin's entry into the top 10 crypto assets could also bolster its visibility and liquidity in the broader crypto market.

Toncoin is currently trading at $7.22, down by about 1.10% in the past day. However, the bulls seem to be mounting steady support at the $7 level.

The Auto Fibonacci Retracement levels indicate that Toncoin has been oscillating within a relatively narrow range, with immediate support around $7.00 and significant resistance near $7.50.

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