Can the T-Fund Ignite a Toncoin Price Surge?
Toncoin has faced notable challenges recently, particularly following concerns linked to Telegram’s founder, Pavel Durov. However, the asset has found strong support and appears to be rebounding, largely due to the introduction of the TON T-Fund, a new initiative aimed at reviving the Ton ecosystem.
The T-Fund’s primary goal is to accelerate the growth of the Ton blockchain by supporting new projects, which has sparked renewed optimism among investors and traders. This development coincides with broader positive market sentiment, partly driven by analysts speculating on a potential Federal Reserve rate cut that could benefit the entire crypto market.
The TON blockchain has seen impressive expansion over the past year, following years of groundwork. However, the recent launches of tokens like Notcoin (NOT) and Dogs (DOGS) highlighted the network’s limitations, as it became inundated with users, underscoring the need for increased scalability.
In response, the T-Fund aims to fast-track blockchain development by investing in promising projects that enhance the ecosystem’s capabilities. As more decentralized protocols are built on TON, network usage is likely to increase, potentially driving up Toncoin’s value. Currently, Toncoin has risen by 1.3% in the past 24 hours, trading at $5.36.
Toncoin Price: Poised for Recovery?
Despite showing signs of a bearish rounded top pattern, Toncoin has bounced back from the key support level around $4.50 and is attempting a recovery. Nevertheless, the overall trend remains bearish, with prices still below significant moving averages.
The asset recently bounced off the 61.8% Fibonacci retracement level and is currently hovering just above the 50% retracement, which is typically a consolidation or reversal zone.
If Toncoin breaks out of the rounded top pattern and surpasses the 50 EMA, the price could rally by 84%, reaching the 27% Fibonacci extension, which aligns with a potential all-time high of $10. On the flip side, if the price fails and breaks below $4.50, the bearish trend could deepen, possibly pushing it down to $3.50.
Record User Growth Spurs Optimism
Tonscan, the official TON network explorer, reports that the number of Ton addresses has reached an all-time high of over 73 million, with daily active addresses (DAA) hitting 16,441,717—36 times higher than Ethereum’s 439,142 DAA as of September 11.
In addition, traders are showing bullish sentiment toward Toncoin, with a greater number of long positions than shorts in the last 24 hours, according to Coinglass data. Many of these long trades are concentrated in the $5.00 to $5.17 range, suggesting that this price point could offer strong support if Toncoin’s price dips.
Leave a comment