On January 9th, Wednesday, the Toncoin price recorded a 2.6% loss to reach the current price of $5.18. As broader market correction accelerates with Bitcoin losing more ground below $100K, the TON price could extend its downfall to $4.6. However, with the recent surge in TON’s new New User Adoption Rate, the asset is poised for some fundamental-backed recovery.
Currently, the TON price market cap stands at $13.6 Billion, while the 24-hour trading volume is at $246.2 Million.
Key Highlights:
- In the daily chart, a downsloping trendline and $4.6 horizontal level govern the major movement in Toncoin price.
- The $4.6 support backed by a 50% Fibonacci retracement level and the 100-week Exponential moving average indicates a high accumulation zone.
- The TON blockchain is experiencing a significant increase in its New User Adoption Rate, as per CryptoQuant data.
Rising User Adoption Rate Signals Growth for Toncoin Price
The TON (The Open Network) blockchain is witnessing a notable increase in its New User Adoption Rate, according to data from CryptoQuant. This metric, which measures the percentage of new addresses performing their first transactions relative to the total number of active addresses, indicates that TON is steadily gaining momentum.
The data highlights a rise in new user participation, suggesting that TON’s ecosystem is attracting more participants daily. As more users engage, the network becomes more robust and secure, paving the way for further advancement and opportunities.
These developments should positively impact the Toncoin price by driving sustained demand pressure.
Historical Data Shows Potential TON Recovery
Over the past five weeks, the Toncoin price witnessed a significant downfall from $7.19 to $5.19— registering a loss of 27.8%. The correction trend showed several lower high formations, indicating a sell-the-bounce sentiment among investors, generally observed in an established downtrend.
Thus, with sustained selling, the TON price could plunge 11.2% to seek support at the multi-month support of $4.6. Historically, each reversal from this support has led to a sharp recovery from 35%-to-70% in the following weeks.
The 50% FIB level coincides with the $4.5 level, further strengthening the defense and indicating the broader trend is bullish.
Thus, the Toncoin price is yes likely to breach $4 in the current correction and more to prolong ongoing consolidation.
Also Read: Oklahoma Senator Proposes Bill to Allow Bitcoin Payments & Salary
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