Can Toncoin Price Rally 80% Amid T-Fund Launch?

Toncoin price has faced significant challenges recently. However, recent developments, including the launch of the T-Fund, have sparked optimism among investors and traders. The T-Fund aims to accelerate the growth of the TON ecosystem by supporting new projects and increasing network adoption. As Toncoin shows signs of recovery, could these factors propel the price to rally by 80%, setting the stage for a potential surge in value?

Can T-Fund Catalyze Toncoin Price Rally?

Toncoin price faced a significant setback following the troubles surrounding Telegram Founder Pavel Durov. However, the asset has recently found solid support and bounced back, potentially in response to the formation of the TON T-Fund. 

This new initiative seeks to revive and accelerate the growth of the Ton ecosystem. The rebound also coincides with positive market sentiment, fueled by analysts’ predictions of a possible Fed rate cut that could benefit the broader crypto market.

The TON blockchain has seen remarkable growth in under a year, a result of years of behind-the-scenes development. However, recent launches like Notcoin (NOT) and Dogs (DOGS) overwhelmed the network with active users, revealing the need for greater scalability. 

Exciting News!
We’re thrilled to announce the establishment of T-Fund, an investment fund dedicated to supporting visionary founders within the @ton_blockchain ecosystem.

🧵 👇

— T-Fund (@TFund_official) September 11, 2024

To address this, the T-Fund was established to accelerate Ton blockchain development by investing in and supporting new projects within the ecosystem.

As more decentralized protocols are built on the TON blockchain, increased network usage will likely boost Toncoin price. TON price has increased by 1.3% in the last 24 hours and is trading at $5.36.

TON Price On The Path to Recovery

Toncoin price is showing signs of a rounded top pattern, indicating a potential bearish reversal in the long term. However, it has recently bounced off the $4.50 region, a significant support level, and is attempting a recovery. The trend is still bearish as the price remains below key moving averages.

The price bounced off the 61.8% Fibonacci retracement (Fib) and is currently just above the 50% Fib level, often a zone of consolidation or reversal.

If the Toncoin price breaks outside the rounded top and above the 50 EMA, it surges 84% to the 27% Fib extension level that coincides with $10, a new all-time high price for Toncoin. 

Conversely, if the rounded top pattern completes and breaks below $4.50, the bearish trend could continue, potentially targeting the $3.50 region. 

Toncoin Users Hit ATH, Traders are Bullish

Data from Tonscan, the official Ton network explorer, shows that the Ton addresses count hit an all-time high of over 73 million, with daily active addresses (DAA) hitting 16,441,717. This is 36 times more network users than Ethereum, which has 439,142 DAA as of September 11.

Traders are equally bullish on the Toncoin price, as there were more Longs than Shorts on Toncoin in the last 24 hours, according to Coinglass data. The majority of the long trades sit between $5.00 and $5.17, which signals that this could be a great place for the price to find support if it drops.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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.