Bitcoin price soared above $70,000 during Tuesday’s trading session, reigniting market confidence in a Q4 bull run. Following this trend, Toncoin emerged as a standout, catching investors’ eyes as its holder growth narrows the gap with Ethereum. With this high momentum, crypto investors are eyeing a $20 target for Toncoin price in this bull cycle.
In crypto market today, the TON price traded at $5, with a modest loss of 0.18%. Meanwhile, the market cap remains at $2.4 trillion, and the 24-hour trading volume is at $170.5 million.
Analysts Set $20 as Toncoin Price Target Peak in This Bull Market
In a recent tweet, the crypto analyst bmoonvc highlights a bullish outlook for Toncoin price amid the formation of a bullish reversal pattern called a double bottom. The chart setup resembles a ‘W’ shaped letter, indicating renewed demand pressure with two major reversals.
The attached chart also highlights the pattern’s bottom support, which coincides with the ascending support trendline. The dynamic support has acted as a key buyer accumulation point before launching a sharp recovery trend.
Analysts predict the completion of this pattern could bolster TON’s current cycle to a $20 peak.
TON Holder Count on Track to Surpass Ethereum by 2024
According to a recent analysis by Maartunn, the Open Network (TON) is experiencing rapid growth, with its holder count showing an impressive rise over recent months. 20th. Currently, ETH has 137 million holders, while TON has reached 112 million.
However, the TON has gained an average of 500,000 new followers per day since last month, indicating a rapid adoption of its blockchain ecosystem. If the trend continues, TON will outpace Ethereum’s users by 2024, as per the analyst’s prediction.
Key Considerations:
- Sustainability of Growth: The rapid growth of TON could be linked to airdrop mania and the emergence of memecoin in recent months. Thus, this growth could slow down and delay the anticipated crossover until early 2025, around February 3rd.
- Ethereum’s Continued Growth: The number of Ethereum holders has witnessed a slow yet steady recovery. Therefore, the projected timeline could be delayed as ETH continues to dominate the altcoin market and attract new adoption.
TON Price Analysis Signals a 3% Rise Before Major Breakout
Amid the recent market upswing, the Toncoin price showed a notable bounce from $4.5 to $5.03— an 11.5% growth. This reversal brings the TON price 3% away from challenging a major downsloping trendline, which has been intact since July 2024.
A potential breakout will accelerate the bullish momentum as push the asset 15% up to hit the $6 barrier, followed by $7.2.
On the contrary, the Toncoin price will prolong the correction trend if the asset witnesses renewed selling pressure at the dynamic resistance.
Frequently Asked Questions (FAQs)
Analysts have set a target peak price of $20 for Toncoin in this bull cycle, expecting it to benefit from strong momentum and a bullish double bottom reversal pattern
Toncoin’s holder rise is attributed to airdrop activities and memecoin popularity, leading to increased adoption of the TON blockchain ecosystem
What are the key support and resistance levels for Toncoin’s price? The $4.6 level is identified as a significant accumulation zone for TON buyers, providing strong support
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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