Bitcoin has soared to a new record high as pro-crypto candidate Donald Trump clinches victory. The pioneer cryptocurrency peaked at $75,000 but dropped slightly to trade above the $73K range. Similarly, Toncoin and Tron have also seen significant surges influenced by the election outcome and innovative partnerships.
Toncoin, in particular, has been working to fix critical network issues. The network has launched FunC 0.4.5 and v2024.10 to enhance the ecosystem’s performance, reliability, and efficiency. Meanwhile, the Tron team wants to cut its transaction fees by 50%. Analysts believe this move could propel the price of Tron coin to a new all-time high. Here’s why!
Could Tron Network Fee Cut Spark New ATH?
Tron Network has seen a significant rise in on-chain activities, which propelled its price to new highs. Given its increasing value, transaction fees have become a potential bottleneck for the network. The network plans to cut its transaction fees by roughly 50% to heighten further developer participation on the blockchain. This bullish move has shifted market sentiments and could stretch its price to new record highs.
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Its technical indicators suggest that the Tron coin could exhibit a significant uptick. The bulls are targeting the $0.18 mark, and if they break above this point, the altcoin could see parabolic runs. Notably, its MACD aligns with this bullish sentiment. Notably, its current price action is ultra bearish, attributed to the high declining volume on August 21.
It was the main bearish signal, and the top could possibly be in, followed by a significant crash. The crash could take months to occur. Tron’s price chart doesn’t have massive green bars. If traders were trading at the bottom prices and ready to grow, one could see a strong green volume bar before the rise, which is the inverse of what we currently see.
TON Network Announces Two Critical Improvements
The Toncoin team has been working to fix two critical issues on its network. Recently, the open network launched two updates, FunC 0.4.5 and v2024.10, to ensure the ecosystem’s higher performance, efficiency, and reliability. As a result, its community has regained positive sentiment about an upcoming rally. On-chain technical indicators align with this bullish sentiment.
Toncoin’s price has formed a falling wedge on its daily time frame. If the price of TON breaks out, its value could regain bullish momentum and rise above its Fibonacci line around the 0.618 mark. That could push the price of the altcoin towards the $6 mark. While the TON token displays positive sentiments for the long term, its short-term price action could face challenges. Its key support level is around the $4.50 mark, and if the token can not hold this position, its value will record lower lows.
If the price of Toncoin breaks out below this point, the next key support area could be around the $2.80 mark. It will become a critical buffer of its price stability. If Toincoin moves below this point and fails to rebound quickly, it could lead to a prolonged bearish phase.
Lunex Network Could Soar Higher
Lunex Network has seen significant rising investor confidence, raising over $1.9 million in presale. That’s due to its hybrid exchange platform that connects isolated blockchains and establishes non-custodial exchanges, enabling instant crypto asset swaps and transfers.
Unlike traditional exchanges, which involve multiple processes before transferring assets to another wallet, Lunex allows traders to execute trades faster and anonymously in a single process.
Discover the Exciting Opportunities of the Lunex Network (LNEX) Presale Today!
Website: Lunex Network
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Source: https://www.thecoinrepublic.com/2024/11/08/bitcoin-reaches-75000-after-us-elections-which-top-altcoins-could-mimic-it/