Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions
11 Junio 2024 - 6:00PM
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Toncoin (TON), the native token of The Open Network, experienced a
12% price drop from its recent all-time high of $7.76 over the past
week, following the overall market correction led by Bitcoin
(BTC). However, despite the temporary setback, the optimistic
sentiment surrounding TON and its network has led crypto analysts
to speculate on a potential continuation of the halted uptrend,
with some even predicting a surge beyond the current record levels
toward double-digit territory. Setting The Stage For $10 Price
Target Crypto analysis firm Delphi Digital made an intriguing
observation, noting that TON’s daily active addresses have
surpassed those of Ethereum (ETH) for the first time. Related
Reading: Blood In The Water? Ethereum Whales Circle As Price Drops
This surge in activity is attributed to the substantial 900 million
user base of Telegram, the social media platform behind TON. Delphi
Digital recognizes that TON’s success hinges on leveraging
Telegram’s distribution capabilities. In a recent social
media post, renowned crypto and decentralized finance (DeFi)
analyst known as “Crypto King” recommended newcomers to explore
TON, highlighting its super-fast and user-friendly blockchain
infrastructure. The analyst also emphasized the credibility
of TON’s development team, which is the same team behind Telegram.
Crypto King believes TON could experience a significant price
spike, potentially reaching as high as $10 in the coming weeks.
Market expert Alex Clay shares a similar viewpoint, noting that
despite the market downturn, TON maintains its bullish structure
and is poised for double-digit gains. According to Clay, TON
is on track to reach $10, with the potential for short-term targets
of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup
& Handle pattern, further bolstering the positive outlook for
TON. Toncoin Price Dips Despite Favorable Market Metrics Token
Terminal data reveals notable figures for TON’s blockchain by
examining key metrics that indicate bullishness over the long term.
The fully diluted market cap has seen a 3.6% increase over the past
30 days. However, trading volume for the token has decreased by
11.6% over the same period. On the other hand, the number of
token holders has witnessed a significant surge of 76.3%. In terms
of revenue and fees, there have been positive increases of 26.0%
and 26.0% respectively over the past 30 days. Interestingly,
the active user base on TON’s network has skyrocketed by an
impressive 245.1%, with approximately 5.42 million monthly active
users. Related Reading: Bitcoin Price Crashes Below $67,000: Key
Reasons Despite the positive growth seen in various metrics over
the past 30 days, Toncoin has experienced a 3% decrease in price
during the same timeframe, resulting in a current trading price of
$6.82. In the short term, bullish investors will need to
closely monitor the nearest support level at $6.80, effectively
preventing the token from further declining to lower levels.
Conversely, the nearest resistance level is $7.53, representing the
last obstacle before a potential retest of Toncoin’s all-time high.
Featured image from DALL-E, chart from TradingView.com
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