As a seasoned crypto investor with a knack for spotting promising projects and navigating the volatile market landscape, I find myself intrigued by the potential of Toncoin. The recent recovery from $4.4 to $5.6, a 28% growth, has caught my attention, and I believe it could extend above the $10 psychological level by Q4.
During U.S. trading hours on Saturday, the cryptocurrency market experienced a minor decline, with Bitcoin‘s value stabilizing near $16,000. Among the leading alternative currencies, Toncoin saw a 1.38% drop to $6.5, as investors aim to regain bullish momentum ahead of another possible rise.
Will Toncoin Price Break the $10 Barrier by Q4?
In the midst of the current market surge, Toncoin bounced back in a “V” pattern, rising from $4.4 to $5.6, representing a 28% increase. Here are three potential reasons why this recovery might continue and potentially surpass the $10 mark by Quarter 4.
- Toncoin price Bounced as Binance shared Launchpool
Toncoin Network Sees Surge in Active and New Addresses
TON Price Hints Major Breakout
Toncoin Price Bounced as Binance Shared Launchpool
In simpler terms, it means that Binance, currently the most significant cryptocurrency trading platform globally in terms of transaction volume, has just declared the introduction of Launchpool for two mobile games developed on the Telegram platform. These games allow users to earn digital assets by simply playing them.
On the 12th of September, Binance unveiled HamsterCombat (HMSTR) as their 58th Launchpool initiative, while yesterday they announced their support for another Telegram-based game called Catizen (CATI), making it the 59th project they’re involved with.
Making this move might considerably increase the exposure and popularity of these games, as it capitalizes on Binance’s extensive user community and the robust connection between Telegram and blockchain networks such as TON. The TON blockchain could experience a higher rate of adoption due to an influx of users drawn to Telegram for gaming purposes.
Toncoin Network Sees Surge in Active and New Addresses
Based on information from Intotheblock, there’s been significant activity in Toncoin addresses since late August. Recent developments have caused the number of active addresses to settle around 2.89 million, with a substantial increase in new addresses, now reaching approximately 950,360.
As an analyst, I’m observing that the on-chain metrics I’m monitoring provide insights into key expansion factors within this network. It appears that these indicators suggest growing user interaction and investor attention.
TON Price Hints Major Breakout
Over the past three months, the Toncoin price saw a significant decline from $8.22 to $4.5, marking a 45% rise. This dip, however, represented a 50% pullback according to the Fibonacci tool, suggesting a balanced correction that allowed buyers to regain control and revive the bullish trend. Consequently, the Toncoin price bounced back yesterday to surpass its 200-day Exponential Moving Average once again.
In today’s trading, the TON price dipped by 1.56%, testing its 200-day moving average as a possible support level. This could lead to an approximately 8% increase, aiming to breach the horizontal resistance line above it. This resistant trendline has been in place since July 2024 and is contributing to the current correction phase. If this barrier is broken, it might suggest the continuation of the uptrend with potential targets at $8.2 initially, followed by $10.
On the contrary, a reversal from the resistance trendline could extend the correction trend.
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2024-09-14 22:48