Toncoin (TON), the popular cryptocurrency linked with the Telegram messaging app, hit its new all-time high shooting past $7 and unseating Cardano’s ADA for the ninth spot in the top-ten crypto list. Besides, Toncoin has also outperformed the rest of the altcoin space with 30% weekly gains.
Currently, Toncoin boasts a market capitalization of an impressive $23.6 billion, surpassing Dogecoin (DOGE) as a significant competitor. Nevertheless, the TON token’s price has experienced a retreat from $7 and is now being traded around $6.5.
Following a robust weekly surge, crypto experts predict that Toncoin might experience a period of price stability around $6.50 to $6.75. According to Paxton, a crypto trader, this is the anticipated range for Toncoin in the near term.
If bulls want to initiate a new rally, they must push the price past the current resistance at $6.75. Once this level is conquered, there’s a possibility for further gains. On the other hand, bears will be on the lookout for a price drop below the support at $6.50. A break in support could lead to additional declines. Volume plays a crucial role in determining the trend.
Instead, Cardano‘s price (ADA) is experiencing downward pressure. Once it lost the backing at $0.60, the price has been trending towards the next potential support level of $0.55.
What’s Behind the Toncoin Price Rally?
Starting from early 2024, the value of Toncoin has experienced a remarkable increase of approximately 210%. This growth can be attributed to several significant events unfolding within the Toncoin community. For instance, the introduction of the self-managed TON wallet and profit-sharing schemes have contributed significantly to this price hike.
Starting from March 31, 2022, Telegram enhanced its support for TON‘s growth by launching a revenue-sharing program. Under this plan, Telegram channel administrators now receive half of the ad revenues. Telegram simplified the monetization process by allowing ads to be bought using TON.
The Telegram team explained that they selected the TON blockchain due to its affordably priced transactions and swift processing times in their official announcement.
The expansion of our network’s community is anticipated with the impending introduction of Notcoin’s token and an enticing incentive scheme.
Moreover, Toncoin has received significant backing from Mirana Ventures, a well-known global investor in Web3 projects. In early March, Mirana announced an $8 million purchase of Toncoin on the secondary market and entered into a long-term collaboration with TON. Mirana expressed its commitment to advancing Telegram’s Web3 platform and pursuing interoperability with other blockchains.
Additionally, due to significant interest in Toncoin, major cryptocurrency exchanges such as Binance now provide futures contracts with up to 50 times leverage for this digital currency.
Read More
Sorry. No data so far.
2024-04-10 11:57