Toncoin Bull Run Continues as Price Hits $5.11, Analysts Eye $6
The post Toncoin Bull Run Continues as Price Hits $5.11, Analysts Eye $6 appeared first on Coinpedia Fintech News
In the past 24 hours, Toncoin (TON) surged over 8%, trading around $5.11 during the early New York session on Monday. As a large-cap altcoin with a fully diluted valuation of approximately $26.3 billion and an average daily trading volume of $393 million, TON is showing signs of a potential reversal pattern.
Read on for more information.
TON Price Analysis
From a technical perspective, TONs price has rebounded above the crucial support level of $4.8 over the past few daysa level that has been tested more than four times since March. However, the bullish reversal pattern for TON could be invalidated if the altcoin consistently closes below this support in the near term.
According to a popular crypto analyst known as The Moon, TONs price could easily surge towards $6 in the coming days, fueled by increasing adoption through the Telegram messaging platform.
The Toncoin blockchain is significantly boosted by Telegrams vast user base of over 900 million people. Notably, several crypto projects on the Toncoin network have launched Telegrams mini apps, including tap-to-earn apps, which have quickly amassed millions of daily active users.
Strategic Partnerships
The Toncoin network is actively expanding its ecosystem through partnerships with several businesses, including Travala, Alchemy Pay, and Tether USDT, among others, to facilitate seamless mainstream adoption.
Boosting DeFi Liquidity
Recently, the TON Foundation announced a 5 million Toncoin rewards program aimed at enhancing the networks DeFi liquidity. As of now, the Toncoin network has a total value locked (TVL) of approximately $342 million, with a stablecoins market cap around $630 million.
Read Also: Bitcoin Price Prediction 2024: Why Reversion Could Kill Your Profits
With Toncoins DeFi ecosystem expanding and its adoption growing, where do you see the tokens future?
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
