bullish

Thing

Bitcoin

Toncoin

<ul>
 <li aria-level="1">Despite skepticism, broader market metrics suggest Toncoin’s solid progress with potential for substantial long-term growth.</li>
 <li aria-level="1">Technical indicators forecast a 50-60% increase in Toncoin’s price, with a near-term target of $10 per TON.</li>
</ul>
Toncoin has recently achieved a notable milestone with 946 daily active addresses on its Masterchain, reflecting a significant increase from July 2021.&nbsp;
This rise in active users underscores an expansion in network activities and a growing interest in decentralized applications (dApps) and work chains associated with TON. The surge suggests a robust demand for Toncoin and paints a bullish picture for its future.
<figure id="attachment_88308" aria-describedby="caption-attachment-88308" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-88308" src="https://www.ethnews.com/wp-content/uploads/2024/08/TON-Masterchain-has-hit-a-record-high-with-946-daily-active-addresses.jpg" alt="TON Masterchain has hit a record high with 946 daily active addresses" width="1280" height="720">
 <figcaption id="caption-attachment-88308" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure>
Despite the impressive metrics, some market analysts express caution, labeling the TON blockchain as potentially overhyped. They point to the relatively low number of daily active users as a basis for their skepticism.&nbsp;
However, a broader look at market indicators contradicts this pessimistic view, indicating solid growth and a promising long-term trajectory for TON.
<figure id="attachment_88312" aria-describedby="caption-attachment-88312" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-88312" src="https://www.ethnews.com/wp-content/uploads/2024/08/ton-chart-e1724304876288.jpg" alt="ton-chart" width="1280" height="774">
 <figcaption id="caption-attachment-88312" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
The technical analysis of the TON/USDT pair shows promising signs. Recent trading sessions revealed a reversal candle with a long tail on the weekly chart, signaling strong buying interest.
Additionally, a tightening of the Bollinger Bands on this chart suggests an imminent price squeeze, likely resulting in a breakout to the upside.&nbsp;
On the daily chart, Toncoin is approaching a critical resistance at the 100 simple moving average. Breaking this barrier could sustain a new support level above it.
<figure id="attachment_88316" aria-describedby="caption-attachment-88316" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-88316" src="https://www.ethnews.com/wp-content/uploads/2024/08/chart-toncoin-e1724304932945.jpg" alt="chart-toncoin" width="1280" height="575">
 <figcaption id="caption-attachment-88316" class="wp-caption-text">
 Source: tradingview
 </figcaption>
</figure>
Market <a href="https://www.ethnews.com/exploring-toncoins-record-high-open-interest-and-its-impact-on-cryptocurrency-markets-in-2024/" rel="noopener noreferrer nofollow">analysts by ETHNews</a>, anticipate a potential 50-60% surge in Toncoin’s value in the near term, setting a realistic price target of $10 per TON.&nbsp;
This bullish outlook is part of a broader expectation for an upcoming altcoin season, which could see significant movements across various cryptocurrencies.
<figure id="attachment_88320" aria-describedby="caption-attachment-88320" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-88320" src="https://www.ethnews.com/wp-content/uploads/2024/08/altcoin-breackout-e1724304989698.jpg" alt="altcoin-breackout" width="2048" height="1471">
 <figcaption id="caption-attachment-88320" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure>
Further supporting this outlook is the global liquidity context, which is teetering on the edge of a significant breakout. 
<figure id="attachment_88324" aria-describedby="caption-attachment-88324" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-88324" src="https://www.ethnews.com/wp-content/uploads/2024/08/global-liquidity.jpg" alt="global-liquidity" width="2048" height="1278">
 <figcaption id="caption-attachment-88324" class="wp-caption-text">
 Source: Bitcoin Strategy Platform
 </figcaption>
</figure>
With global liquidity poised to expand and recent activities in USDT minting, cryptocurrencies like Toncoin could see substantial gains in the coming months, according to <a href="https://www.ethnews.com/massive-moves-imminent-for-toncoin-what-you-need-to-know-now/" rel="noopener noreferrer nofollow">ETHNews reports</a>.
<figure id="attachment_88328" aria-describedby="caption-attachment-88328" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-88328" src="https://www.ethnews.com/wp-content/uploads/2024/08/tradingvolume-toncoin-defillama.jpg" alt="tradingvolume-toncoin-defillama" width="678" height="382">
 <figcaption id="caption-attachment-88328" class="wp-caption-text">
 Source: DefiLlama
 </figcaption>
</figure>
As of now, TON’s market capitalization stands at $16.82 billion, with trading volumes over the last 24 hours reaching $227 million. This volume-to-market cap ratio suggests that Toncoin maintains <a href="https://www.ethnews.com/is-it-altcoin-time-solana-and-toncoin-set-to-skyrocket-as-bitcoin-falters/" rel="noopener noreferrer nofollow">adequate liquidity</a>, essential for future growth and stability in its price.
<div class="cryptoboxes" id="mcw-46920" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="TON" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
Toncoin (TON) is currently trading at $6.541 USDT, showing a slight increase of 0.74% as of the latest update. The day’s trading range has been between $6.459 and $6.599 USDT. The coin has seen significant price movement over the last year, with a substantial increase of 373.30%.
The post <a href="https://www.ethnews.com/is-toncoin-the-next-big-thing-in-crypto-see-why-analysts-are-betting-big-on-tons-future/" rel="noopener noreferrer nofollow">Is Toncoin the Next Big Thing in Crypto? See Why Analysts are Betting Big on TON’s Future!</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Is Toncoin the Next Big Thing in Crypto? See Why Analysts are Betting Big on TON’s Future!

ETHNews

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