$TON ANALYSIS

1. Current Price:

Toncoin is trading at $5.81, down 0.64% during the Asian market session.

2. Market Context:

The price decline follows a broader market pullback after last week’s rally.

3. Transaction Volume:

Ton Blockchain transactions surged to 15.49 million in one day, fueled by the Hamster Kombat token release and airdrop excitement.

4. Upcoming Airdrops:

Notable upcoming Telegram airdrops (X Empire, Major, and MemeFi) are expected in October, likely increasing user engagement on the Ton Blockchain.

5. Potential for Bullish Reversal:

Toncoin is 3.5% shy of breaking out from a three-month correction trend, signaling a possible bullish reversal.

6. Market Activity:

The Open Network (TON) captured over 50% of all Layer 1 transactions over the past month, indicating its growing popularity.

7. User Engagement Growth:

- $DOGS achieved 28 million monthly active users (MAU) on August 28, 2024.

- CatizenAI and Rocky Rabbit reached 18 million MAU on September 20, 2024.

- Watbird achieved 12 million MAU on September 23, 2024.

- Hamster Kombat Airdrop led to 110 million MAU on September 26, 2024.

8. Price Recovery:

Toncoin price has recovered from $4.44 to $6.13 over the past three weeks, marking a 38% upswing.

9. Resistance and Support Levels:

- Current resistance at the downsloping trendline; if breached, the price could rise to $7.25.

- Support at the 200-day Exponential Moving Average around $5.7; falling below this could lead to a retracement to $4.6.

10. Long-Term Outlook:

If Toncoin breaks through dynamic resistance, it could potentially reach new all-time highs above $8.28

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