Toncoin (TON) Price Signals Further Midterm Weakness amid Its Growing Web3 Ecosystem

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I have witnessed the rise and fall of countless altcoins. However, the resilience and growth potential of Toncoin (TON) have piqued my interest. Despite the recent bearish sentiments and ongoing correction, I remain optimistic about TON’s future.

Despite the continuing downturn in the crypto market, Toncoin (TON), a rapidly expanding layer one blockchain supported by Telegram messenger, has been met with considerable pessimism. This well-established altcoin, valued at approximately $33 billion in its fully diluted state, ended last month on a negative note following strong resistance at its peak price of around $8.25.

Significantly, the price of Toncoin has begun to show signs of a major trend reversal following substantial increases in its value earlier this year. Looking at the technical aspects, the Ton price has created a daily double top pattern accompanied by bearish signals on the Relative Strength Index (RSI).

Toncoin Ecosystem Grows Ecosystem

Previously reported by Coinspeaker, the Toncoin ecosystem has blossomed into a lively Web3 environment supported by the Telegram community. To illustrate, the Hamster Kombat game, a hit tap-to-earn title on the TON blockchain that utilizes the Telegram platform, recently celebrated a remarkable milestone of 300 million players.

Based on information from Defillama, the TON network’s Total Value Locked (TVL) is approximately $759 million, while its Stablecoin Market Capitalization stands at roughly $619 million.

The collaboration between Toncoin’s project and Tether (USDT) has substantially boosted the market presence of their stablecoins.

With the recent announcement, Tether has made it possible for users to access their USDT stablecoins through CitiPay, a globally connected platform, on the Toncoin network.

To promote the growth of environmentally friendly Web3 advancements, the TON network has financially supported numerous initiatives through its grant schemes and the Open League. Particularly, the Open League serves as an ongoing rewards system designed to ease the widespread acceptance of Toncoin.

Among the standout Web3 projects built upon the TON network are STON.fi and Decentralized Exchanges like DeDust. Noteworthy is that the TON network has also drawn in multi-chain DeFi platforms, with Cygnus Finance and Bridgers DEX taking the lead.

In other words, the extent to which blockchain technology can seamlessly work together across a large number of systems will significantly influence its future development.

In the latest development, Tonstakers, a staking platform built on the TON blockchain, has officially commenced token staking. This means that TON blockchain users now have an opportunity to earn attractive Annual Percentage Rates (APR) by staking tokens such as Notcoin (NOT).

🔈 @tonstakers has launched token staking!
Currently, you have the opportunity to accumulate rewards with a high Annual Percentage Rate (APR) by depositing tokens from diverse TON initiatives. More tokens are planned to be incorporated in the near future. 🚀
Kickoff is straightforward: just hold the project’s tokens to receive incentives, without requiring trading pairs or any additional steps.
— TON 💎 (@ton_blockchain) August 1, 2024

Market Picture and Midterm TON Price Expectations

In the global market, the Toncoin system is going head-to-head with other primary blockchain networks, such as Solana and Ethereum. Yet, the team behind Toncoin is optimistic about using the over 900 million active Telegram users to ensure its growth and success in the coming years.

The TON price could retrace in the coming weeks before continuing with the macro bullish outlook.

Additionally, historical trends indicate that the broader cryptocurrency market tends to experience more downturns (bearish) than upturns (bullish) during the month of August.

As a researcher, I’ve identified a potential support zone for the TON price that appears robust, ranging approximately from $3.8 to $4.6. This range aligns significantly with the Weekly 0.618 and 0.5 Fibonacci Retracement levels.

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2024-08-02 17:32