- Toncoin is positioned for potential growth with a bullish wedge pattern on the daily chart.
- Toncoin user base has soared to 100 million wallets, indicating rapid adoption.
Toncoin (TON) is displaying bullish technical indicators, with prominent crypto analyst CobraVanguard on TradingView spotting a potential breakout. CobraVanguard pointed out, “Toncoin is creating a falling wedge over the daily timeframe.
TON Eyes Fibonacci Target Amid Potential BreakoutÂ
Up we go, should we see a breakout?” Based on his analysis, TON’s price might move toward the Fibonacci 0.618 line, at the $6 mark, if it can effectively break out from this wedge pattern.
This level is a notable point of possible positive momentum; CobraVanguard expects that, should TON continue its upward trajectory, it may soon focus on aiming at an all-time high (ATH) goal.
Meanwhile, TON is trading at about $4.86 as of writing, a 2.19% rise over the last 24 hours. This recent increase has driven its market cap above the $12 billion mark, a threshold that places TON very clearly in the competitive scene of leading digital assets.
The increase in price fits current events about Toncoin’s expanding user base, which, according to CNF, has now topped 100 million wallets. This increase in TON holders is notable; the network had only about four million wallets at the beginning of the year.
Nearly 25-fold in a few months, this expansion points to a faster pace of user acceptance that might let Toncoin overtake Ethereum in user interaction.
Apart from that, as we previously noted, the TON Foundation has partnered strategically with Curve Finance to start a stable swap initiative aiming at improving stablecoin trade on the TON blockchain.
This partnership aims to increase liquidity, enable effective token swaps, and therefore improve TON’s fast expanding Web3 ecosystem by using Curve’s CFMM (Constant Function Market Maker) technologies.
Advanced stablecoin swap mechanisms help the TON blockchain to draw more users and projects in line with the network’s expansion objectives and therefore support its competitive edge in the blockchain space.
