As a seasoned analyst with over two decades of experience in both traditional and digital markets, I have witnessed firsthand the ebb and flow of market trends. The current surge in Bitcoin’s price above $70,000 is reminiscent of the 2017 bull run, and it’s intriguing to see newcomers like Toncoin emerge amidst such momentum.
During Tuesday’s trading, Bitcoin‘s price surpassed $70,000, rekindling investor faith in a potential Q4 rally. Meanwhile, Toncoin has been drawing attention as its holder growth comes close to Ethereum‘s level. Given the strong momentum, cryptocurrency investors are looking forward to a possible $20 price mark for Toncoin during this bull market.
Today in the cryptocurrency world, the TON token was priced at around $5, experiencing a small decrease of 0.18%. The overall market capitalization continues to hold steady at approximately $2.4 trillion, while the 24-hour trading volume stands at roughly $170.5 million.
Analysts Set $20 as Toncoin Price Target Peak in This Bull Market
As a researcher delving into the world of cryptocurrencies, I’ve recently taken note of bmoonvc’s insightful tweet. He suggests a bullish forecast for Toncoin price, largely due to the emergence of a bullish reversal pattern known as a double bottom. This pattern, visually reminiscent of the letter ‘W’, signifies a strengthening demand pressure, with two significant price reversals indicating a potential shift in market sentiment.
The enclosed graph additionally emphasizes where the pattern’s base of support aligns with an upward-sloping trendline indicating potential buying interest. This moving support line has served as a crucial area for buyers to gather resources, leading to a swift upturn in the trend.
Analysts predict the completion of this pattern could bolster TON’s current cycle to a $20 peak.
TON Holder Count on Track to Surpass Ethereum by 2024
According to a recent analysis by Maartunn, the Open Network (TON) is experiencing rapid growth, with its holder count showing an impressive rise over recent months. 20th. Currently, ETH has 137 million holders, while TON has reached 112 million.
Since the last month, there’s been an average growth of 500,000 new followers for the TON daily, suggesting a swift increase in its blockchain community. If this pace persists, it’s projected that TON could surpass Ethereum’s user base by 2024, as suggested by the analysts’ forecast.
Key Considerations:
- Sustainability of Growth: The rapid growth of TON could be linked to airdrop mania and the emergence of memecoin in recent months. Thus, this growth could slow down and delay the anticipated crossover until early 2025, around February 3rd.
- Ethereum’s Continued Growth: The number of Ethereum holders has witnessed a slow yet steady recovery. Therefore, the projected timeline could be delayed as ETH continues to dominate the altcoin market and attract new adoption.
TON Price Analysis Signals a 3% Rise Before Major Breakout
In the current market surge, the value of Toncoin jumped significantly from $4.5 to $5.03, representing an increase of 11.5%. This rise now positions Toncoin just 3% below a significant downtrend line that has persisted since July 2024.
An anticipated surge could significantly boost the upward trend, potentially propelling the asset by around 15% to reach the $6 mark, and then possibly pushing it further towards $7.2.
If there’s increased selling pressure on Toncoin, it could extend the downward trend as the asset encounters its moving resistance level.
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2024-10-29 18:28