The cryptocurrency market showed a slight downtick during the U.S. trading session on Saturday as Bitcoin’s price hovered around $16,000. Among the major altcoins, the Toncoin price shows a dip of 1.38% to $6.5 as buyers aim to recuperate bullish momentum before the next potential surge.
Will Toncoin Price Break the $10 Barrier by Q4?
Amid the recent market rally, the Toncoin showed a V-shaped recovery from $4.4 to $5.6, registering a growth of 28%. Here are three reasons this recovery could extend above the $10 psychological level by Quarter 4.
- Toncoin price Bounced as Binance shared Launchpool
- Toncoin Network Sees Surge in Active and New Addresses
- TON Price Hints Major Breakout
Toncoin Price Bounced as Binance Shared Launchpool
Binance, the world’s largest crypto exchange by volume, has recently announced launchpool for two tap-to-earn games from the Telegram platform.
On September 12th, Binance introduced HamsterCombat (HMSTR) as its 58th Launchpool project, and just yesterday, it announced support for another Telegram-based game, Catizen (CATI), marking the 59th project.
This move could significantly boost the visibility and adoption of these games, leveraging Binance’s vast user base and the strong integration of Telegram into blockchain ecosystems like TON. The TON blockchain could see a higher adoption rate with more users attracted to Telegram for gaming.
Toncoin Network Sees Surge in Active and New Addresses
According to Intotheblock data, the Toncoin address stats have been witnessing a notable movement since late August. With the formation of new peaks lately, the active addresses have now stabilized at 2.89 million, while the new addresses have surged to 950.36k.
These on-chain metrics show some of the core growth parameters of the network, indicating increasing user engagement and investors interest.
TON Price Hints Major Breakout
In the last three months, the Toncoin price showed a notable correction from $8.22 to $4.5, registering a 45% increase. However, this pullback showed a 50% retracement as the Fibonacci tool, indicating a healthy correction for buyers to recuperate the bullish momentum. Therefore, the TON price rebounded immediately to reclaim the 200-day Exponential Moving Average yesterday.
With an intraday loss of 1.56%, the TON price retests the 200-day EMA as suitable support before an 8% surge to challenge the overhead trendline. The downslope trendline has been intact since July 2024, which drives the current correction trend. A potential breakout from this barrier could signal the uptrend continuation and chase a potential target of $8.2 followed by $10.
On the contrary, a reversal from the resistance trendline could extend the correction trend.
Frequently Asked Questions (FAQs)
Toncoin’s V-shaped recovery, Binance’s Launchpool announcement, and strong on-chain metrics suggest a bullish trend, with the potential for the price to surpass the $10
Binance’s Launchpool introduced HamsterCombat and Catizen, boosting Toncoin’s visibility and adoption through its integration with Telegram’s blockchain ecosystem
Toncoin has seen a surge in active addresses, stabilizing at 2.89 million, and new addresses spiking to 950.36k, indicating increasing user engagement
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/3-reasons-why-toncoin-price-may-surpass-10-q4/
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