cryptonewsz.com
Toncoin (TON), the native crypto of the TON blockchain, has gained traction in the crypto market. The Toncoin price surge coincides with a recent surge in network activity and increased accessibility on major exchanges. Moreover, analysts are eyeing a TON price surge to the $8 mark.
Toncoin Price to $8?
Renowned crypto analyst The Moon highlighted Toncoin’s potential. He wrote on X, “#Toncoin might pump at least to $8 this cycle once it breaks above the Descending Resistance on the daily!” For context, in technical analysis, a “descending resistance” is a downward-sloping line drawn across a chart to connect a series of lower highs.
This line represents a trend where prices repeatedly fail to rise above certain levels, signaling persistent selling pressure. When a crypto like Toncoin “breaks above the descending resistance,” it means the price has successfully moved above this resistance line, suggesting that the previous downward trend may be reversing.
🚀#Toncoin might pump at least to $8 🎯 this cycle once it breaks above the Descending Resistance on the daily! pic.twitter.com/jc8hEWJD5K
— The Moon (@TheMoonCarl) November 7, 2024
Such a breakout is typically seen as a bullish signal, indicating that buyers are gaining strength and that the price might rise further. In Toncoin’s case, if it breaks above this descending resistance on the daily chart, it could confirm a shift in trend and potentially open up a path toward the $8 target, as The Moon, the analyst, suggested.
Currently, the TON price is trading well-above a critical support level of $4.851. As of writing, the Toncoin crypto traded at $4.95, gaining 4.26% on Thursday, November 7.
User Base Expansion
Toncoin’s addition to Binance’s Launchpool has played a pivotal role in expanding its user base. Through Launchpool, individuals can stake assets like BNB and FDUSD to earn TON rewards, making Toncoin more accessible to a broader audience. This move has reportedly attracted a larger user base, contributing to heightened demand and price momentum.
Beyond accessibility, Toncoin’s network has seen a surge in stablecoin transactions, reflecting the growing use of TON as a payment method within its ecosystem. This increase in stablecoin activity is notable, as it showcases Toncoin’s appeal for everyday transactions. Known for its fast transaction speeds and decentralized applications, Toncoin is positioning itself as a promising competitor in the crypto market.