As a seasoned crypto investor with a knack for spotting undervalued assets and staying attuned to market trends, I find myself intrigued by the recent performance of Toncoin (TON). Wednesday’s price surge, coupled with its inclusion on Binance Launchpool, has caught my attention.
On Wednesday, Toncoin‘s price outshone the general crypto market decline, spiking by 10% to reach $7.04. While many significant altcoins experienced a downturn as Bitcoin hovered around $60000, the Toncoin price held strong. This unexpected increase might be linked to Telegram marking its 11th anniversary and the Binance exchange incorporating Toncoin into its Launch Pool platform.
Toncoin Price Soars Following Binance Launchpool Debut
On Wednesday, there was increased activity and a rise in the use of the TON blockchain, which has ties to the messaging app Telegram. This surge is linked to Binance, as they added TON to their Launchpool platform. From August 15, 2024, users can deposit BNB and FDUSD to earn TON tokens on this platform by staking these cryptocurrencies.
Introducing Toncoin $TON on #Binance Launchpool and Super Earn!
Lock your tokens and earn Special APR rewards.
Find out more
— Binance (@binance) August 13, 2024
In addition, a recent tweet from Toncoin’s official ‘X’ account celebrates its current growth during Telegram’s 11th birthday. The post emphasizes that the rise in Toncoin price is due to the development of its mini-app ecosystem and the buzz surrounding DOGS (realDogsHouse)’s latest announcement today.
TON Blockchain Surges on Telegram’s 11th Anniversary: Key Metrics Signal Bullish Momentum
On August 14, 2024 marks the 11th anniversary of Telegram. Notably, the TON blockchain, an integral part of the messaging platform, has shown significant financial growth.
— THE TON REPORT (@TheTONReport) August 14, 2024
According to Intotheblock’s data, there has been a significant surge in the network’s key on-chain activities since the past weekend. The number of new accounts escalated from approximately 224,720 to over 439,000, representing a massive 95% rise. Simultaneously, active addresses grew from about 775,600 to 1.13 million, indicating a substantial 45% increase.
As someone who has been involved with various online communities over the years, I can confidently say that this recent surge in engagement within our network is truly exciting. It reminds me of the early days of other successful platforms I’ve been a part of, where the energy and enthusiasm were palpable. This growing interest suggests a strong expansion in user adoption, which could lead to increased market activity and potentially make our platform even more dynamic and engaging. It’s a testament to the hard work and dedication of our team, and I can’t wait to see what the future holds for us.
TON Price Gives a Decisive Breakout From Reversal Pattern
Analyzing Toncoin’s price reveals an upside-down “head and shoulders” pattern on the daily chart. This pattern has three downward points: the middle one (the head) is the deepest, with two smaller ones (the shoulders) on either side. In theory, this configuration suggests a shift in market sentiment from negative to positive, potentially indicating an upcoming bullish trend.
Following a surge in its price, TON has managed to breach the resistance level of approximately $6.85 set by the pattern’s neckline. This could potentially serve as a strong base for buyers. If the daily candlestick closes at this point, there’s a possibility that the altcoin could increase by around 28%, aiming to challenge its previous peak of $9 and surpass its current record high of $8.28.
A decrease in the Average Directional Index (ADX) emphasizes that the existing bearish trend is becoming less strong.
If, however, the breakout does not occur as expected and the Toncoin price drops beneath its 50-day Exponential Moving Average (EMA), the bullish argument will no longer hold. In such a scenario, the price fall could potentially drive the asset down by over 25%, aiming for support at $4.7.
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2024-08-14 23:12