Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance

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As a seasoned researcher with years of experience navigating the cryptocurrency market, I find the recent developments in Toncoin particularly intriguing. The network’s $1 billion USDT issuance is a significant milestone, indicating a growing demand for stablecoins on the TON blockchain and potentially driving engagement and activity within the network.

Over the past 48 hours, Toncoin‘s price dropped by 4.6%, currently standing at $5.63. This weekend’s dip might help buyers regain the bullish trend as Bitcoin steadies above $60k. As Ton reaches a $1 billion issuance in USDT, it’s expected to see more user interaction and activity on the network.

Toncoin Price Rebounds as TON Network Crosses $1B USDT Issuance

On Tether’s publicly disclosed transparency site, it’s been reported that over $1 billion worth of USDT has been officially authorized for use on the TON blockchain, specifically $1,030,000,002. However, only around $712,158,737.86 of this amount is currently in circulation, with about -$309,325,516.46 yet to be issued. In simpler terms, while $1.03 billion has been authorized for USDT on the TON blockchain, only approximately $712 million is in current circulation, with around $309 million remaining unissued.

Reaching this milestone indicates a growing interest in stablecoins on the TON blockchain, particularly with USDT being instrumental in crypto transactions. An abundance of USDT could enhance liquidity, making trading, exchanging, and storing value within the network more convenient for users. This increased convenience might stimulate user interaction and engagement on the TON network, possibly leading to a rise in demand for its own native cryptocurrency.

At the end of trading hours, the value of Toncoin was at $5.5, marking a decrease of 1.34% within the day and boasting a market capitalization of approximately $14.18 billion.

Furthermore, the total value locked in TON has significantly increased from $317.15 to $405, representing a substantial growth of approximately 27.7%. This increase in Total Value Locked (TVL) suggests an influx of capital and heightened investor interest in Toncoin’s decentralized finance (DeFi) solutions.

TON Price Gain Bullish Momentum Amid Healthy Retracement

In the midst of the current market bounce-back, Toncoin’s price exhibited a “V-shaped” rebound, climbing from $4.4 to $5.2. This jump represents an increase of 26.5%. Notably, this upturn took place at the 50% Fibonacci retracement level, suggesting that the recent correction was a beneficial pause for buyers to regain the market’s upward push.

If the TON price obtains a stable hold above the 200-day exponential moving average, the buyers could drive an 8% upswing to challenge the downsloping trendline. 

Since early July, this persistent resistance has continued, fostering an attitude of selling during any price increase in TON. Consequently, should we see a breach of this obstacle, it could significantly boost purchasing activity, potentially propelling the price to reach $8.276 – a 40% increase from its current level.

Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance

If the trendline breakout isn’t resisted by the buyers, there’s a possibility that the Toncoin price might reverse and re-approach the $5.6 support level again.

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2024-09-15 20:29