Home > web3.0 > body text

Toncoin (TON) Price Prediction: Can It Rally to $8.32 in Q4 2023?

Linda Hamilton
Release: 2024-10-31 07:26:19
Original
922 people have browsed it

Toncoin (TON) and The Open Network blockchain are once again in the spotlight, this time due to positive developments that could signal a significant price

Toncoin (TON) Price Prediction: Can It Rally to .32 in Q4 2023?

The price of Toncoin (CRYPTO: TON) is showing signs of strength as the total value of the stablecoin USDT (CRYPTO: USDT) issued on the TON blockchain has surpassed the $1 billion mark for the first time.

While Toncoin’s price has yet to reflect this milestone, the substantial increase in liquidity may serve as a catalyst for future appreciation. Here's how this surge in stablecoin issuance could impact TON’s market dynamics.

Growing Liquidity Signals Increased Interest

According to data from Token Terminal, the amount of USDT issued on TON was below $800 million as of August 31. This figure has since climbed to over $1.03 billion, indicating a significant influx of capital into the TON ecosystem.

This growth suggests that more users are engaging with the TON blockchain, leveraging its features and contributing to its overall activity. An increase in stablecoin volume often leads to heightened user engagement and transactions on the network. As activity rises, demand for Toncoin could follow suit, potentially driving its price upward.

Currently, TON/USDT is trading at around $5.39 on Gate.io, Toncoin remains approximately 32% below its June peak of $8.24.

On-chain analytics from Santiment reveal a notable rise in the Mean Dollar Invested Age (MDIA), a metric that calculates the average age of all dollars invested in the token.

A declining MDIA typically indicates that dormant addresses are becoming active, moving large amounts of tokens, and potentially signaling a short-term price increase. Conversely, the recent uptick in MDIA suggests that investments are becoming more stagnant, which might slow Toncoin’s short-term price momentum. Despite this, the overall outlook for Toncoin remains optimistic in the medium term.

Analysis Points to Possible Upside

Examining the daily price chart, Toncoin has established strong support at the $5.20 level. This support has helped push the price above the 20-day Exponential Moving Average (EMA), a key indicator used to identify trend directions. When the price moves above the EMA, it often signals a bullish trend, as was the case during Toncoin’s rally above $8 in June.

Currently, Toncoin faces resistance around the $6 mark, a significant supply zone. If buying pressure continues to build and demand increases, Toncoin could break through this resistance level. Such a move might set the stage for the token to rally towards $8.32 in the fourth quarter of this year.

However, if Toncoin fails to overcome the $6 resistance, there’s a possibility of a price pullback to around $5.09. Traders and investors should monitor these key levels closely to gauge the token’s next move.

The above is the detailed content of Toncoin (TON) Price Prediction: Can It Rally to $8.32 in Q4 2023?. For more information, please follow other related articles on the PHP Chinese website!

Related labels:
source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Latest Articles by Author
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template
About us Disclaimer Sitemap
php.cn:Public welfare online PHP training,Help PHP learners grow quickly!