As a seasoned researcher who has navigated through the crypto market’s tumultuous seas for over a decade, I find myself intrigued by the current state of Toncoin. The recent surge in stablecoin supply on the TON blockchain, despite the legal drama surrounding Pavel Durov, is reminiscent of phoenix rising from the ashes. It’s a testament to the resilience and adaptability of this particular ecosystem.
On Wednesday during U.S trading hours, the crypto market displayed a gloomy trend with Bitcoin approaching a possible drop below $60k. Similar to other major cryptocurrencies, Toncoin experienced bearish pressure and dipped by 1.5% on the day, nearing a potential break of its $5 support level. Could the bearish trend find equilibrium for a potential turnaround as the TON blockchain experiences increased growth in stablecoin circulation?
Toncoin Price Targets $6 Recovery as Stablecoin Supply on TON Blockchain Jumps 13x
Following the legal troubles and arrest involving Pavel Durov, the creator of Telegram, the TON network appears to be demonstrating its ability to bounce back.
According to crypto enthusiast Nick Garcia, sourced from Messari, the stablecoin supply on TON Blockchain has surged by 25% since the arrest, with an overall increase of 13x since April. The increase accentuates a renewed interest and growth in the TON ecosystem despite the turbulence surrounding Durov’s arrest.
Increasing the consistent supply of stablecoins typically enhances liquidity and network activity, which could lead to an uptick in demand for Toncoin, used for transaction charges and staking. This increased demand can contribute to a rise in Toncoin’s price.
Following the turbulence surrounding Pavel, @ton_blockchain is showing signs of life.
Stablecoin supply is up 25% since the arrest, bringing the total increase to 13X since April.
If you squint, the situation has parallels to FTX.
— Nick Garcia (@NickDGarcia) October 8, 2024
As reported by DefiLlama, the Total Value Locked (TVL) of the TON network has seen a significant surge over the past month, climbing from $317.2 million to $402 million. This represents a growth of approximately 26%. This rise in TVL suggests that more investors are securing their assets within the TON network and engaging with Decentralized Finance (DeFi) protocols.
Additionally, Nick Garcia raises a warning flag for both investors and users by drawing a parallel between the current situation and what happened to FTX, a platform that experienced a significant downfall.
TON Price To Plunge 8% Amid Downsloping Resistance
During the ongoing conflict between Iran and Israel, the price of Toncoin saw a significant drop from $6.06 to $5.06, representing a 17% decrease. This downward shift in the daily chart indicates another reversal from the sloping resistance trendline, suggesting that sellers are still maintaining control at higher levels.
The unyielding resistance that’s been present since July 2024 might rekindle the demand for selling and extend the period of correction for this asset. If the selling pressure continues, there’s a possibility that the TON price could fall to around $4.5, with further potential decreases leading toward $3.3.
Instead, if there’s a strong push beyond the upper trendline, it would indicate that the recovery trend is picking up speed and could potentially propel prices above the previous $6 peak towards the resistance at $7.2.
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2024-10-10 00:20