Recent Toncoin Analysis (TON) shows several promising signs that there’ll be long-term uptrend.
Toncoin Analysis
One of the notable signs, is the golden-cross formation, which occurs when a short-term moving average crosses above a long-term moving average.
In the case of Toncoin, the 50-day moving average has crossed above the 200-day moving average. This pattern is often seen as a bullish signal by traders, showing that the price momentum is in favor of the bulls.
Supporting this, is the Relative Strength Index (RSI), which is currently positioned at 62. The RSI is a momentum oscillator that measures the speed and change of price movements.
An RSI value between 30 and 70 is generally considered neutral, with values above 70 indicating overbought conditions and values below 30 indicating oversold conditions.
With an RSI of 62, Toncoin has room to rise before it enters its overbought territory, suggesting that there could be more bullish movement soonest.
Market sentiment for Toncoin has also turned bullish, as seen by its increased social dominance over the past five days. The increase in social engagement shows there is a growing interest in Toncoin
Currently, the immediate resistance level for Toncoin is at $8.0. If price manages to break through this level, it could start a rally towards $10 and above.
See Also: Toncoins Price Skyrockets Upwards
Toncoin’s Ecosystem and Network Growth
Toncoin’s network growth has been an important factor in its rise in price and market performance.
One of the most notable aspects of this growth is the dramatic increase in the number of active Toncoin wallets.
At the beginning of 2024, there were approximately 1.28 million active wallets, but this number has now surged to over 8 million.
This exponential growth indicates a rising interest and confidence among investors in the Toncoin blockchain.
Another important reason for Toncoin’s network growth is the total value locked (TVL) within its blockchain.
The TVL has reached close to $1 billion, demonstrating the platform’s increasing attractiveness to DeFi developers and users.
A key contributor to the Toncoin ecosystem is TapSwap, which has a global user base of 49 million. TapSwap’s influence within the Toncoin network cannot be understated.
Apart from TapSwap, Toncoin has made substantial gains in the tap-to-earn sector, competing with platforms like Notcoin, which has over 30 million users and a market cap of $1.8 billion.
If, Toncoin’s robust network growth, driven by an increasing number of active wallets, a high TVL, and strong contributors.
These factors not only enhance the functionality and appeal of the Toncoin blockchain but also contribute to the broader adoption and utilization of its native cryptocurrency, TON.
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