Sep 30, 2024
6thTrade
Toncoin experienced a slight drop of 0.64% during the Asian market session, now trading at $5.81, as the broader market tries to stabilize following last week’s rally. Despite the modest decline, Toncoin remains a hot topic, especially with the ongoing Telegram airdrop craze. The question on everyone's mind: Can Toncoin harness this hype to reach a new All-Time High (ATH)?
Airdrop Frenzy Boosting Toncoin's Prospects
With the recent surge in activity tied to the release of various airdrops, Toncoin’s ecosystem has been thriving. CryptoQuant analyst Maartunn points out that The Open Network (TON) is rapidly solidifying its place as a leading Layer 1 cryptocurrency amidst what he calls "Airdrop Mania." Over the past month, the Toncoin network captured more than 50% of all Layer 1 transactions, showcasing its increasing popularity and resilience
Several key projects have contributed to TON's growing monthly active users (MAU):
DOGS: Achieved 28 million MAU by August 28, 2024.
CatizenAI and Rocky Rabbit: Reached 18 million MAU by September 20, 2024.
Watbird: Hit 12 million MAU on September 23, 2024.
Hamster Kombat Airdrop: Drove an impressive 110 million MAU on September 26, 2024.
The surge in on-chain activity was further confirmed by IntoTheBlock, which highlighted a spike to 15.49 million transactions in a single day last week, a massive increase primarily driven by the Hamster Kombat airdrop.
The hype is far from over—Telegram has more airdrops scheduled for October, including X Empire, Major, and MemeFi, which could potentially lead to another surge in network activity and further boost demand for Toncoin.
Price Analysis: Will Toncoin Break Through Resistance?
Despite the airdrop-driven excitement, Toncoin's price has faced some challenges, struggling to overcome key resistance levels. The overhead trendline has driven a correction since July 2024, maintaining a cautious “sell-the-bounce” sentiment among traders. Currently, Toncoin trades near a crucial support level at $5.70. Should it dip below this 200-day Exponential Moving Average, the renewed selling pressure could potentially push the price down to $4.60.
On the positive side, Toncoin has managed a remarkable recovery in recent weeks, climbing from $4.44 to a high of $6.13—a 38% increase. However, after touching a downsloping resistance line, the price corrected by about 5.5%, and now sits at $5.76, maintaining a market cap of approximately $14.6 billion.
If Toncoin manages to break above the current dynamic resistance, it could set the stage for a significant rally. A successful breakout might see Toncoin climb by as much as 22%, reaching $7.25. Following this, the momentum could push it further toward its previous ATH of $8.28, potentially even surpassing it. $TON
Outlook: Is ATH Within Reach?
With the upcoming Telegram airdrops and a continuous influx of new users into the Toncoin ecosystem, there is significant potential for price movement. If the buying pressure outweighs resistance, and if TON continues to attract attention with its various token launches and community engagement, reaching a new ATH could indeed be on the horizon.
However, the technical indicators suggest that Toncoin will need to break through multiple levels of resistance to make this happen. With upcoming airdrops fueling demand and market sentiment favoring growth, the next few weeks will be crucial for determining whether Toncoin can leverage this momentum and embark on a sustained rally that surpasses its previous highs.
In the end, while Toncoin has shown resilience and potential amid the airdrop frenzy, breaking its ATH will depend heavily on both technical factors and continued network growth. The coming airdrops may just provide the push needed for Toncoin to defy expectations and reach new heights.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
$DOGS
