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Toncoin Surpassed Ethereum In Daily Active Addresses — TON Price Eyeing Ascending Triangle Breakout To New ATH

Last Updated June 13, 2024 1:59 PM
Nikola Lazic
Last Updated June 13, 2024 1:59 PM

Key Takeaways

  • TON recently surpassed Ethereum in daily active addresses.
  • TON revisited its all-time high on June 13.
  • The ascending triangle indicates potential for new highs.

Telegram’s “The Open Network” (TON) blockchain has recently outpaced Ethereum in daily active addresses, leveraging its vast 900 million user base. According to Delphi Digital, TON’s active addresses exceeded Ethereum’s, earning it the nickname “The Flippening CT ignores.” The surge is attributed to multiple factors, including integrating the Tether (USDT) stablecoin and introducing Notcoin and Telegram Stars.

Meanwhile, TON is trading at $7.50 near its all-time high and has formed an ascending triangle, indicating upward pressure. If a breakout occurs, TON could soon make a new all-time high above $8. 

TON Price Analysis 

TON reached an all-time high on April 12, but subsequently entered a downturn, falling 40% to a low of $4.60 by May 1. Analysis of the 4-hour chart revealed the Relative Strength Index (RSI) dropping to 36%, nearing oversold conditions and suggesting a potential reversal. Today, June 13, TON came up again to its all-time high which is its third revisite. 

TON
TONUSD | Credit: Nikola Lazic/Tradingview

We’ve seen an ascending triangle formation from May 1 as the horizontal resistance at $7.50 still holds while the upward pressure persists. 

There are two possibilities for TON’s future trajectory: it could either commence a significant uptrend with the rise from May 1 as its initial phase or experience a larger corrective phase that could dip below the May 1 values.

However, a bullish outlook is more likely as it displayed a five-wave structure from May 1. It was most likely the first sub-wave in a higher degree uptrend with its decline to ascending support on 11, another retest before the runup. If TON proceeded below ascending support on this interaction, breaking the support, we would be more on the bearish side. 

If we see a breakout to the upside, that would signal the start of its next bull phase with a short-term target of $10. However, if this happens, we would be anticipating further upside, with TON potentially surpassing $10 at its next rally. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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