As an experienced crypto analyst, I have observed the recent price correction of Toncoin (TON) from its all-time high despite favorable market metrics and growing adoption. Although it’s natural to feel concerned about the short-term 12% price drop, I remain optimistic about TON’s potential based on several factors.
As a researcher studying the cryptocurrency market, I’ve observed that Toncoin (TON), the native token of The Open Network, saw a 12% decline in price from its record high of $7.76 within the last week. This downward trend can be attributed to the broader market correction instigated by Bitcoin (BTC) experiencing significant drops as well.
Despite the recent halt in TON‘s uptrend, many crypto analysts remain optimistic about its future prospects. They believe that this temporary setback could be followed by a continuation of the trend, potentially even surpassing previous record highs and reaching prices in the double digits.
Setting The Stage For $10 Price Target
Delphi Digital, a renowned cryptocurrency analysis firm, recently made an interesting discovery. They found that the number of daily active addresses on the TON blockchain has exceeded Ethereum‘s (ETH) for the first time in history.
As a market analyst, I recognize that the significant surge in activity within the TON ecosystem can be attributed to its association with Telegram, a social media platform boasting an impressive user base of over 900 million people. Leveraging Telegram’s vast distribution network is crucial for TON’s success.
As a researcher studying the world of cryptocurrencies and decentralized finance (DeFi), I’ve come across a piece of advice from a well-known industry expert, referred to as “Crypto King,” that newcomers should consider exploring TON. He emphasized its advanced and convenient blockchain infrastructure, which sets it apart for being particularly fast.
As a crypto investor, I’ve taken note of the analyst’s emphasis on the credibility of TON‘s development team. Being the same team behind Telegram adds an extra layer of confidence for me. I strongly believe that TON could witness a substantial price surge in the coming weeks, with potential gains reaching as high as $10.
According to market analyst Alex Clay, even though the market is experiencing a decline, Ton still holds a bullish formation and is predicted to achieve substantial growth in the double digits.
Based on Clay’s analysis, TON is projected to hit $10, and there’s even a possibility for it to reach $10.5 or $11.6 in the near term. Moreover, Clay identified a Daily Cup & Handle pattern in TON, which adds credence to his optimistic viewpoint towards this cryptocurrency.
Toncoin Price Dips Despite Favorable Market Metrics
As a crypto investor, I’m constantly monitoring the latest developments and trends in the blockchain world, and according to Token Terminal’s data, TON‘s network is showing some promising signs. The fully diluted market cap has experienced a 3.6% growth over the past month, which is an encouraging sign of potential long-term bullishness. However, I’ve noticed that trading volume for the token has taken a dip, decreasing by 11.6% during the same period. This could indicate reduced investor interest or market uncertainty, but it’s important to keep in mind that short-term fluctuations don’t always reflect the long-term potential of a project.
I’ve noticed a substantial rise of 76.3% in the number of token holders we’ve had over the past month. Additionally, both revenue and fees have experienced positive growth, with increases of 26.0% for revenue and 26.0% for fees within the last 30 days.
As a crypto investor, I’ve noticed an intriguing surge in TON‘s network usage. The number of active users has more than doubled, reaching around 5.42 million per month, representing a significant 245.1% increase.
Although there have been promising gains in different areas for Toncoin in the last month, its value has dropped by 3% within the same period, leaving its present market price at $6.82.
As a researcher studying the investment trends of Toncoin, I would advise bullish investors to keep a keen eye on the immediate support level at $6.80 in the short term. Preventing the token from slipping below this level could help halt any further decline and potentially stabilize its price. On the other hand, the nearest resistance level sits at $7.53, acting as the last significant barrier before a potential retest of Toncoin’s all-time high.
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2024-06-12 02:11