Can Toncoin Price Rally 80% Amid T-Fund Launch?

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Lately, Toncoin‘s price has encountered some tough hurdles. Yet, recent events such as the introduction of the T-Fund have ignited hope among investors and dealers. The purpose of the T-Fund is to boost the growth of the TON ecosystem by backing fresh initiatives and enhancing network usage. With Toncoin displaying signs of revival, could these elements potentially drive a 80% increase in its price, paving the way for a possible spike in worth?

Can T-Fund Catalyze Toncoin Price Rally?

After issues involving Telegram Founder Pavel Durov arose, Toncoin’s price experienced a substantial downturn. Lately, though, it seems to have recovered some ground, possibly due to the creation of the TON T-Fund.

This fresh endeavor aims at rejuvenating and boosting the development within the Ton network. Simultaneously, this resurgence aligns with optimistic investor attitudes, sparked by financial experts’ forecasts of a potential Federal Reserve interest rate decrease which might positively impact the overall cryptocurrency market.

In less than a year, the TON blockchain has experienced impressive growth due to years of under-the-radar development. Nevertheless, the introduction of coins like Notcoin (NOT) and Dogs (DOGS) has brought an influx of active users, highlighting the necessity for improved scalability.

Great News! We’re delighted to share that we’ve launched T-Fund, a specialized investment vehicle designed to empower innovative entrepreneurs operating in the Ton Blockchain community.

— T-Fund (@TFund_official) September 11, 2024

To tackle this issue, a fund called the T-Fund was created to speed up the advancement of Ton blockchain by providing financial backing and support for fresh initiatives within its community.

With an increase in the number of decentralized applications being constructed on the TON blockchain, it’s reasonable to expect that heightened network activity could drive up Toncoin prices. Interestingly, Toncoin has already seen a rise by 1.3% over the past day and is currently valued at $5.36.

TON Price On The Path to Recovery

The current trend of Toncoin suggests a possible peak formation, which might signal a future downward shift. But it’s important to note that Toncoin has rebounded from the $4.50 region, a crucial support point, and is trying to regain its footing. Nevertheless, since the price continues to stay below major moving averages, the overall trend remains negative.

The cost has risen slightly beyond the 50% Fibonacci retracement point, which is typically an area where it might pause or even reverse direction, having initially fallen to the 61.8% Fibonacci retracement level.

If the value of Toncoin exceeds its rounded peak and moves beyond the 50 Exponential Moving Average, it could potentially skyrocket by approximately 84%, reaching the 27% Fibonacci extension point which aligns with $10 – a brand-new record high for Toncoin.

Can Toncoin Price Rally 80% Amid T-Fund Launch?

If the round top shape is fully formed and drops below $4.50, it might signal a continuation of the downward trend, possibly reaching towards the $3.50 area.

Toncoin Users Hit ATH, Traders are Bullish

Information from Tonscan, the main explorer for the Ton blockchain, indicates that the number of Ton addresses surpassed a record high of over 73 million. Furthermore, the daily active addresses (DAA) reached an impressive 16,441,717. This is significantly more than Ethereum‘s DAA of 439,142, as of September 11, representing a 36-fold increase in network users on Ton compared to Ethereum.

Can Toncoin Price Rally 80% Amid T-Fund Launch?

In the past day, there’s been more enthusiasm among traders for Toncoin’s price rise, as evidenced by a higher number of Long positions compared to Short ones, based on Coinglass data. A significant portion of these Long trades are positioned between $5.00 and $5.17, suggesting that this range could potentially offer support if the price were to fall.

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2024-09-12 11:18