- Potential Toncoin Breakout
- Growing Toncoin Network Activity
- Assessing Liquidity and Market Performance of Toncoin
Analyst Zen shared insights on Toncoin (TON), predicting a possible price increase due to a symmetrical triangle and increasing network activity, according to data from IntoTheBlock.
Potential Toncoin Breakout
Since September 12, Toncoin's price has been forming a symmetrical triangle, which may indicate an upcoming breakout. Support levels around $5.185 and $5.033 suggest strong buyer interest. Resistance from $6.069 to $6.752 has temporarily capped upward movements. Trading volumes also support the potential for a breakout. As of September 23, the price is nearing the triangle's apex, aligning with analyst Zen's view of Toncoin's breakout attractiveness.
Growing Toncoin Network Activity
Data from IntoTheBlock shows significant growth in Toncoin network activity. New addresses surged by 67.24% in the past week, indicating rising interest in the TON network. Active addresses increased by 18.45%, suggesting higher user engagement. A 32.43% reduction in zero-balance addresses strengthens the case for increased Toncoin adoption.
Assessing Liquidity and Market Performance of Toncoin
Analyst Shiven Moodley noted that Toncoin's network expansion is supported by high throughput, effectively handling a growing number of transactions. The partnership with Telegram has also boosted the network's growth and market capitalization. Moodley highlighted a discrepancy between market capitalization and circulating supply, indicating a portion of the supply might be locked or held for long-term investment. This might affect liquidity but does not necessarily impact overall market valuation. Monitoring the relationship between market capitalization and price is crucial, as significant deviations may signal speculative behavior. Currently, the Toncoin network appears well-supported by its circulating supply, contributing to a stable market environment.
Analysts predict a potential price rise for Toncoin based on technical and on-chain data, making this token worth watching.
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