Toncoin price has encountered significant hurdles recently, but hope has emerged with the introduction of the T-Fund, stirring optimism among investors and traders. The T-Fund’s objective is to accelerate the expansion of the TON ecosystem by backing new projects and fostering network adoption. With Toncoin exhibiting signs of recovery, these developments could potentially trigger an 80% price rally, laying the groundwork for a potential surge in its value.
The setback faced by Toncoin’s price in the aftermath of issues involving Telegram Founder Pavel Durov has been mitigated by recent support and a comeback, possibly influenced by the establishment of the TON T-Fund. This fresh initiative aims to breathe new life into and expedite the growth of the Ton ecosystem. The resurgence aligns with positive market sentiment, driven by speculations of a prospective Fed rate cut that could benefit the broader cryptocurrency market.
In less than a year, the TON blockchain has witnessed impressive growth stemming from years of discreet development. Nonetheless, recent launches such as Notcoin (NOT) and Dogs (DOGS) led to a surge in active users, exposing the necessity for enhanced scalability.
To tackle this, the T-Fund was created to hasten Ton blockchain progress by investing in and fostering new projects within the ecosystem. As decentralized protocols proliferate on the TON blockchain, heightened network utilization is likely to elevate Toncoin price. Toncoin’s price has risen by 1.3% in the past 24 hours and is presently trading at $5.36.
While showing indications of a rounded top pattern, pointing towards a potential bearish reversal over the long haul, Toncoin price has rebounded from the critical $4.50 support level and is striving for a recovery. The price currently lingers above the 50% Fib level after bouncing off the 61.8% Fibonacci retracement, typically a region of consolidation or reversal. Should the price breach the rounded top and surpass the 50 EMA, a surge of 84% to the 27% Fib extension level, equivalent to $10, could be on the cards — marking a new all-time high price for Toncoin.
Conversely, a completion of the rounded top pattern and a dip below $4.50 could prolong the bearish trend, potentially targeting the $3.50 region. Data from Tonscan, the official Ton network explorer, unveils a record high of over 73 million Ton addresses count, with daily active addresses reaching 16,441,717 — 36 times more users than Ethereum as of September 11.
Trader sentiment mirrors bullishness toward the Toncoin price, as indicated by more Longs than Shorts recorded in the last 24 hours on Toncoin, predominantly concentrated between $5.00 and $5.17 — suggesting potential support levels if the price dips.