The post Toncoin Price Rebounds Amid Declining DEX Activity and Waning User Engagement appeared on BitcoinEthereumNews.com.
Toncoin’s recent price rebound faces challenges amidst declining decentralized exchange (DEX) activity, raising concerns among analysts and investors. Even with a price uptick of 3.6% to $6.39, the decrease in network engagement, particularly in DEX transactions, raises flags about the sustainability of the gains. As highlighted by a CryptoQuant analyst, the recent decline in DEX engagement and active addresses characterizes an uncertain outlook for Toncoin’s value trajectory. Toncoin rebounds to $6.39 despite declining DEX activity. Analysts warn of potential sustainability issues ahead for TON’s price momentum. Current Performance and Market Sentiment of Toncoin (TON) After hitting a low of $5.53 on December 10th, Toncoin (TON) has shown some recovery with a 3.6% increase, currently trading at $6.39. However, this positive price movement is contrasted by a significant downturn in overall network activity. Please note that despite this recent price rise, Toncoin’s value remains down by 3.3% over the past week and 3.9% in the last two weeks, indicating an inconsistent market sentiment. Impact of Declining DEX Engagement The decrease in decentralized exchange activity has been particularly troubling. An analyst from CryptoQuant pointed out that there has been a noticeable drop in swaps and available liquidity pools on major DEX platforms like Stone.FI and DeDust that support Toncoin. Historically, a rise in DEX engagement has been correlated with upward price movements for TON, whereas declines often precede corrections. This trend underscores the potential volatility of Toncoin’s value, which has fluctuated between $7.20 and $5.20 recently, dampening trading interest. Mixed Market Insights: Open Interest Trends Despite the noted decline in DEX activity, an interesting trend has emerged within Toncoin’s derivatives market. According to Coinglass, TON’s Open Interest—a crucial indicator reflecting traders’ positions—has shown a positive uptick of 2.77%, amounting to $214.07 million. Furthermore, the volume of outstanding contracts has increased by 7.10%,…