Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance
The Toncoin price plunged 4.6% in the last 48 hours, currently trading at $5.63. This weekend’s pullback will likely assist buyers in recuperating the bullish momentum as Bitcoin obtains a firm foot above $60000. With TON reaching a $1 billion USDT issuance, the network will likely experience increased engagement and activity.
Toncoin Price Rebounds as TON Network Crosses $1B USDT Issuance
According to Tether’s official transparency page, the authorized issuance of USDT on the TON blockchain has exceeded $1 billion, reaching a total of $1,030,000,002. Out of this amount, approximately -$309,325,516.46 are authorized but issued, while the net circulation support is at $712,158,737.86.
This milestone shows the increasing demand for stablecoin on the TON blockchain. As USDT plays a pivotal role in cryptocurrency transactions, its ample supply should boost liquidity, making it easier for users to trade, exchange, and store value within the network. This would drive user activity and engagement in the TON network and potentially drive demand for its native cryptocurrency.
By press time, the Toncoin price traded at $5.5, registering an intraday loss of 1.34% and a market cap of $14.18 Billion.
Moreover, the Total volume locked in TON has surged from $317.15 to $405— a 27.7%. The TVL surge indicates increasing capital flow and investors’ interest in Toncoin’s DeFi applications.
TON Price Gain Bullish Momentum Amid Healthy Retracement
Amid the recent market recovery, the Toncoin price showed a V-shaped reversal from $4.4 to $5.2, accounting for a 26.5% gain. This reversal from the 50% Fibonacci retracement level marked the prevailing correction as a healthy pullback for buyers to recuperate the bullish momentum.
If the TON price obtains a stable hold above the 200-day exponential moving average, the buyers could drive an 8% upswing to challenge the downsloping trendline.
This dynamic resistance has been intact since early July and maintains the sell-the-bounce sentiment in TON. Therefore, a potential breakout from this barrier would accelerate the buying momentum and drive the price 40% up to $8.276.
Conversely, if the buyers fail to resist the trendline breakout, the Toncoin price could revert and retest to $5.6 support.
The post Toncoin Price Eyes $8 Breakout as TON Network Hits $1 Billion USDT Issuance appeared first on CoinGape.
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CoinGape
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