As a seasoned crypto analyst with over a decade of experience in this dynamic field, I have witnessed numerous market cycles and have learned to read between the lines when it comes to price movements and trends.
The progression of Toncoin‘s price stabilized at approximately $5.71 due to a general retreat in Bitcoin and other digital currencies. However, crypto experts remain hopeful that the Toncoin value will continue its upward trajectory and potentially reach or surpass its record high of $8.28, which represents an increase of around 55% from today’s prices.
Crypto Analysts Are Bullish On Toncoin Price
The price of Toncoin hasn’t kept pace with the current cryptocurrency surge, as it has been stuck in a prolonged bear market following a drop of more than 36% from its peak this year. This downward trend became even more pronounced after Pavel Durov was arrested several months ago. Since then, the price of popular TON tokens such as Catizen and Hamster Kombat have also plummeted.
According to certain crypto experts, it’s possible that Toncoin has hit its lowest point for now, which could mean further increases in the upcoming weeks. In a recent article on X, 8TML pointed out that the TON token is currently being held within a range of $4.60 and $4.80. He anticipates that the token will recover soon.
Analyst Babenski noticed a “falling wedge” formation, which he foretold would lead to a bullish breakout. A falling wedge occurs when an asset’s price action creates lower highs and higher lows with converging upper and lower trendlines. The breakout occurs when these trendlines are almost parallel.
TON Transactions Are Rising
According to Tonstat’s data, the increasing number of transactions within the TON system could potentially boost Toncoin prices. The system processed a record-breaking 7.27 million transactions on November 11, marking its highest transaction volume since October 25.
Recent data indicates an increase in the daily active wallet count to a record high of 855,286 since last October, accompanied by a surge in DEX trading volume on TON that has reached August peaks. Furthermore, the number of TON holders exceeds 100 million. This suggests that the network is thriving, which is a promising development.
The icing on the cake is that some of the most active Telegram tokens like Hamster Kombat and Catizen have bounced back in the past few days.
TON Price Analysis Points To More Gains
Based on the daily chart, there seems to be a more optimistic outlook for TON’s price. It has developed a double-bottom pattern around $4.46, with its neckline at approximately $6.13. The double bottom is a frequently observed bullish reversal indicator.
Toncoin has surged past the upper boundary of its falling wedge formation and now, the 50-day moving average functions as a backing pillar. Moreover, the Supertrend signal has transitioned to green, an indication suggesting a positive market trend.
If the bulls successfully change the support line at $6.13 into a resistance line, Toncoin could surge and potentially reach its year-to-date high of $8.27 again. This would represent a 55% increase from the current price level.
Conversely, if the price falls below the double-bottom level at $4.456, it suggests further decline, potentially reaching $4.
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2024-11-12 21:31