Toncoin (TON) Climbs 20% – Here’s What’s Pushing The Price Up

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As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed the rise and fall of countless digital assets. The recent surge in Toncoin (TON) has certainly piqued my interest, especially given its impressive 20% uptick since last week. While the market’s brief retracement is a cause for caution, the altcoin’s continued development could potentially lead to greater gains for investors.

Toncoin (TON) is presently surging, with its token witnessing approximately a 20% increase since last week, drawing interest from investors and traders as momentum builds. Despite a minor 1% pullback in the last 24 hours, this dip seems to have boosted the altcoin market substantially.

The trajectory of TON could potentially soar higher in the upcoming weeks as progress unfolds. This could mean greater potential profits for investors, but a recent market dip might signal what lies ahead.

Toncoin Integrates dApp Browser On Telegram 

As a crypto investor, I’m excited about the integration of a decentralized application (dApps) browser right within Telegram, the instant messaging platform, by Ton Keeper, the native wallet of TON. This move makes it effortless to access dApps with just a few screen taps, thereby significantly expanding the reach and potential of the TON platform.

@tonkeeper launches dApps Browser in Telegram!
The Tonkeeper dApps browser has been launched on Telegram, allowing users easy access to various dApps. By using the Tonkeeper wallet’s built-in browser, you can quickly navigate to tools, games, and DeFi offerings, thereby elevating your Web3 interaction.
To…
— TON (@ton_blockchain) September 13, 2024

Based on information from CryptoQuant, there’s been a substantial increase in the amount of liquidity for stablecoins on the TON network since USDT was integrated into Telegram. In just four months, the supply of USDT on TON reached an impressive $729 million. This widespread use of Telegram has noticeably altered the landscape of stablecoins within the TON ecosystem, as it’s now being utilized in various retail activities.

CryptoQuant points out that the platform’s low transaction fees make it enticing for users, while decentralized exchanges serve as a significant hub for stablecoin activities on the platform. Moreover, the introduction of the dApp browser is expected to boost liquidity on the platform, as it simplifies access to essential DeFi services for its users.

Beyond this, TON has also been included in Revolut, a financial technology platform, which makes it accessible to over 45 million users worldwide. This move is expected to boost the platform’s visibility among retail investors. As TON continues to evolve and develop, its potential impact on the token’s long-term success becomes increasingly significant.

Rejection On $5.9 Resistance Might Lead To Further Losses

Despite TON making significant progress against the bearish trend due to the market’s upward pull on the token, the near future remains uncertain for investors and traders because the market’s reversal causes concern among investors.

Despite the TON‘s Relative Strength Index (RSI) not showing a significant reversal in momentum thus far, the TON market remains predominantly bearish. Occasionally, the bulls manage to muster a powerful surge that results in temporary gains, but overall control lies with the bears.

In this case, investors and traders should be cautious of TON in the short term as the token can be influenced to retrace even further. TON bears are expected to attempt a breakthrough on the $5.5 support level. If they are successful, the bears might have an open door towards $5.1 

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2024-09-15 22:16