TON Crystal Ball: Will the Token Resume the Uptrend and Possibly Retest the All-Time High of $8.28?

Toncoin price recovery stalled at $5.71 as Bitcoin and most altcoins pulled back. Still, despite the setback, crypto analysts are optimistic that TON

Toncoin price showed signs of stalling on Tuesday as it failed to follow Bitcoin and most altcoins, which pulled back. However, crypto analysts remained optimistic, predicting that TON price would continue its uptrend and possibly retest its all-time high.

Toncoin price has been lagging behind the recent cryptocurrency rally, trading in a deep bear market after falling over 36% from its highest level this year. The sell-off intensified following Pavel Durov’s arrest a few months ago and continued as most TON tokens, such as Catizen and Hamster Kombat, nosedived.

Despite the setback, some crypto analysts believe that Toncoin price may have bottomed out, suggesting more upside in the coming weeks. In a recent X post, 8TML observed that the TON token was consolidating between $4.60 and $4.80 and anticipated a bounce back.

Meanwhile, Babenski identified a falling wedge pattern and predicted a bullish breakout. A falling wedge occurs when an asset forms an upper and lower descending trendline converging. A breakout is realized when the two lines are about to converge.

Rising Toncoin Network Transactions

According to Tonstat, the TON ecosystem is witnessing a rise in the number of transactions, which could be a positive factor for Toncoin price. On November 11, the network processed 7.27 million transactions, the highest since October 25.

Further data reveals that the daily active wallets increased to 855,286, the highest since October, while DEX trading volume on TON surged to August highs. Additionally, the number of TON holders increased to over 100 million, indicating strong network activity.

Finally, some of the most active Telegram tokens, such as Hamster Kombat and Catizen, have also recovered in the past few days.

The above is the detailed content of TON Crystal Ball: Will the Token Resume the Uptrend and Possibly Retest the All-Time High of $8.28?. For more information, please follow other related articles on the PHP Chinese website!