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Toncoin Shows Resiliency With 20% Climb – Will TON Hit $3 This Weekend?

Toncoin has seen a noteworthy 20% price increase over the past week, rising from $1.75 on September 9 to $1.95 on September 15, 2023. With a current market valuation of $6.72 billion, this rise has elevated the altcoin to the No. 22 position.

Within the cryptocurrency arena, there’s an unmistakable buzz among market participants as they eagerly seek out the next standout digital asset. This quest is leading to a fascinating shift in the top 20 rankings, as a fresh wave of cryptocurrencies enters the fray.

While established tokens appear to be caught in a somewhat static trading pattern, a select group of digital currencies is demonstrating remarkable resilience and assertiveness, positioning themselves as formidable contenders capable of potentially supplanting their more renowned counterparts.

Notably, Toncoin (TON) has emerged as a front-runner in this battle for prominence, boasting a noteworthy surge of over 50% in value over the last 30 days.

Increased Momentum For Toncoin 

The significant price increase in such a short period of time implies increased momentum and interest in this coin. If Toncoin can sustain its steady ascent, it should be able to hit the vaunted $3 mark this weekend or in the coming days.

Meanwhile, the current market sentiment is predominantly bearish, marked by a general consolidation within a constrained price range. Recent price declines have somewhat subdued earlier optimism.

However, Toncoin has managed to attract positive attention in the face of these conditions. It’s worth noting that there might be a short-lived negative correction anticipated after the coin breached the $2 mark.

At the time of writing, TON was trading at $2.14, up 12% in the last 24 hours and climbed by an impressive 20% in the last seven days, data from crypto market tracker Coingecko shows.

A notable factor contributing to Toncoin’s price surge is its remarkable trading volume. In the last 24 hours alone, Toncoin recorded a trading volume of $27 million, surpassing its 20-day average volume of $19 million by a significant margin.

TON Banks On Increased Trading Volume

An increase in trade volume is indicative of growing interest in and use of a cryptocurrency. The increased number of TON buyers and sellers has led to better market transparency and more efficient price formation. Recent high trading volume has provided the necessary impetus to drive the token’s price higher.

On September 14, the Toncoin Foundation and Telegram jointly announced the introduction of TON Space, a novel cryptocurrency wallet designed specifically for Telegram users. TON Space facilitates connectivity to The Open Network ecosystem, which is overseen by the native token of Toncoin.

With this move, Telegram hopes to add more than 30% of its users by 2028. It’s interesting that around 700 million people use the leading messaging app for cryptocurrency fans every month.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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TON Jumps By Nearly 8% Following Wallet Integration On Telegram

Telegram Messenger has unveiled a self-custodial crypto wallet for its more than 800 million active users worldwide. This move comes almost three years after the popular messaging platform initially revealed its plans to delve into the Web3 space.

The crypto wallet is built on The Open Network (TON) and will be accessible via settings on Telegram’s messaging app. On the back of this announcement, the price of Toncoin (TON’s native token) surged by almost 8%.

Telegram Finally Integrates Crypto Wallet On Messaging Platform

On Wednesday, September 13, The Open Network announced the partnership with Telegram at the Token2049 event in Singapore. This collaboration will provide the messaging platform’s 800 million users access to a self-custodial crypto wallet.

As part of the integration, projects built on the TON blockchain will receive priority access to Telegram Ads, the app’s advertising platform. This was confirmed via an X (formerly Twitter) post by Anthony Tsivarev, Director of Developer Relations at TON.

John Hyman, Telegram’s Chief Investment Officer, commented on this development:

Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient. With this announcement, we are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 integration there has ever been.

Telegram initiated plans to build a Web3 ecosystem as far back as 2019. Unfortunately, the messaging platform had to cool off its initiative with The Open Network in 2020 due to a lawsuit from the United States Securities and Exchange Commission (SEC).

In 2019, the SEC filed a lawsuit against Telegram for raising $1.7 billion through the initial coin offering (ICO) of a token (called Grams), which the regulatory body deemed as an unregistered security. The messaging platform resolved this issue by paying an $18.5 million fine and returning unused investor funds.

TON Maintains Positive Momentum – Price Overview

In the wake of this announcement, Toncoin registered a nearly 8% price spike. The cryptocurrency currently sits as one of the top gainers in the market today, with a substantial 13% price increase in the last 24 hours.

Interestingly, this latest price movement only underscores the token’s market performance in recent weeks. According to data from CoinGecko, the price of TON has soared by more than 36% in the past month.

This positive performance is even more impressive, considering the sluggish condition of the cryptocurrency market in the past few weeks. Most top altcoins, including ETH, XRP, and SOL, have been struggling due to the current market sentiment.

While the TON token is currently valued at $1.94, seeing if this latest burst of positivity can drive the cryptocurrency above $2 would be interesting.

Nevertheless, Toncoin ranks as the 12th-largest cryptocurrency, with a market cap of roughly $6.68 billion.

TON

 

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Toncoin (TON) Continues To Ride Bullish Wave, Eyes To Reclaim $2 Level

Over the past 24 hours, the majority of the crypto market has been moving slowly, with the premier cryptocurrency Bitcoin falling below the $26,000 mark again. Toncoin, on the other hand, continues to defy the current market conditions, registering a significant price climb in the past day.

The TON price experienced a substantial increase on the first day of September, which is consistent with its overall trend in August.

TON Soars By 11% In A Single Day

Toncoin currently leads the altcoin market as one of the top gainers following an 11% price rise in the past 24 hours. In the same period, altcoins such as ETH and XRP appear to have succumbed to general market sentiment, suffering a 1% and 2% price dip, respectively.

Interestingly, TON’s latest price spike only underscores its impressive performance in the past few weeks. According to data from CoinGecko, the value of the cryptocurrency has swelled by more than 35% in the last seven days.

A broader look at Toncoin’s price history shows that the token has been on an ascent since the start of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is currently on a nearly 64% price rally.

The TON token is currently valued at $1.93, according to CoinGecko data. If this bullish momentum and the buying pressure continue to build, investors could see Toncoin return to the $2 mark. 

However, technical indicators do not seem to be in favor of the bullish momentum continuing. The daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is currently in the oversold region.

The daily RSI in the oversold zone can be an indication of a potential trend reversal. In this situation, this means that investors could see Toncoin reverse all its gains and embark on a downward trend.

Can Toncoin Break Into The Top 10 Crypto Ranking?

This recent positive performance has catapulted Toncoin onto the verge of becoming one of the top 101 largest cryptocurrencies by market cap. According to CoinGecko data, TON is the 12th-largest cryptocurrency with a market cap of roughly $6.64 billion.

This puts it ahead of Polkadot, Polygon, and Litecoin, who occupy the 13th, 14th, and 15th positions, respectively. If TON continues its current price rally in this existing market condition, breaking into the top 10 ranking might be a possibility.

Interestingly, a significant 92% increase in the token’s daily trading volume adds further optimism to this scenario. An increase in trading volume can be a signal that investors are still dabbling into an asset.

With this, it would only be short-sighted to rule out more gains for the altcoin in the coming weeks.

Toncoin

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Toncoin (TON) Throws Weight Around To Lead Weekend Top 20 With 22% Rally

The dynamic and ever-evolving blockchain community has shown a great deal of interest in and enthusiasm for Toncoin (TON). Due to its technological underpinnings and innovative answers to the long-standing problems that have plagued the field of decentralized finance, this digital money has risen to popularity very quickly.

At the time of writing, TON was trading at $1.46, registering an impressive 10.4% increase in the last 24 hours. Equally impressive is the crypto’s price rally in the last week, when it registered a 22% climb, data from crypto market tracker Coingecko shows.

Just lately, the price of Toncoin broke out in a big way, separating itself from a 30-day consolidation. During this period of consolidation, prices moved inexactly between $1.31 and $1.49, showing a restricted and steady trading range.

Toncoin Shows Signs Of Resilience

Several times throughout this period of consolidation, the cryptocurrency showed signs of trying to rise beyond the $1.50 barrier, which may have suggested a possible upward trend. However, bullish market forces were unable to push the price over the $1.50 level, and the price ultimately closed below that level.

The continuation of these adverse influences indicates that traders and investors are currently exercising caution. The bears’ stubbornness implies there’s a widespread view that the market can’t handle a prolonged rise above $1.50 just yet.

Toncoin At A Glance

The Open Network, or TON for short, is a layer-1 blockchain that is both decentralized and fast. Established in 2018, it is a proof-of-stake (PoS) network that has gained massive adoption among crypto users for its lightning-fast transactions.

TON set out to do some very big things, like simplifying transactions inside of Telegram. However, it encountered difficulty at every turn of its path.

Despite the project’s initial focus on Gram, its native digital currency, it ran into trouble when the US Securities and Exchange Commission pointed out Telegram’s failure to register a substantial preliminary $1.7 billion Gram token sale.

Possible Revisit Of Resistance Level

This regulatory worry caused a brief halt in Gram sales, and the unrevealed offering ultimately led to a legal setback. Simultaneously, a slew of cyberattacks cast a pall over the TON’s appeal.

Meanwhile, the present market structure indicates that the Toncoin price may revisit the resistance level of $1.49 if bulls can push prices above the support turned resistance of $1.31.

For this to be even remotely credible, a candle closure over $1.31 would be required. If the TON price, however, rejects $1.31, it may return to the current support level of $1.17.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Toncoin (TON) Shoots Up 50% In 7 Days – This Telegram Feature Cranks Up Demand

Toncoin (TON) is currently outperforming all other cryptocurrencies in the top 100 by market capitalization on a weekly basis. With a price increase of around 50% within the last seven days, the token is the undisputed leader, followed by Stacks (+16%) and Bitcoin SV (+14%).

Over the last 24 hours, Toncoin is writing a whopping 21% gain. While it was trading at $1.86 on Sunday, the cryptocurrency was trading for $2.86 at press time.

In the last 24 hours alone, the trading volume has skyrocketed 83%, to $95.4 million. On the daily chart, TON is thus approaching its all-time high of $3.26.

Toncoin/USDT on OKX

A Reason For The Skyrocketing Price Of Toncoin

The reason for the recent pump of the Toncoin could be a feature of Telegram, which was announced last week.

Pavel Durov himself, the founder and head of the popular messenger, introduced a feature for Telegram that allows users to buy an anonymous phone number with the token and create an account with it.

Related Reading: VanEck’s Bitcoin Prediction Stands At $10K-$12K By Q1 2023

On December 07, the Telegram Messenger team launched the sale of virtual numbers with the +888 prefix, which exist as collectible on the The Open Network blockchain.

Users can log in to the Fragment platform with the TON blockchain-backed anonymous numbers and enjoy “ultimate privacy.”

Fragment is a decentralized auction platform founded by Durov. It sells the anonymous numbers compatible only with Telegram. Purchases are transacted on the platform using The Open Network Telegram token.

Related Reading: Senator Lummis Claims Pouring Retirement Funds In Bitcoin Is Still A Good Idea

These numbers can then be used to chat completely anonymously, but not to call or register with third-party services.

In addition, purchased numbers can be stored in a regular Toncoin wallet, transferred to other users, and offered for sale on marketplaces, just like any other NFT on the The Open Network blockchain.

+888 8 888 Is The Most Popular Telegram Number

Some numbers are so popular that they are auctioned on Fragment for over $100,000. The most popular number is +888 8 888, for which 38,290 TON, the equivalent of about $103,000, are currently being bid.

The auction runs for a little more than six days.

The Open Network is the brainchild of the Telegram development team, which was forced to abandon the blockchain solution due to pressure from the U.S. Securities and Exchange Commission (SEC) in June 2020.

The SEC forced Telegram to pay $1.2 billion in raised funds back to investors and pay an $18.5 million fine to settle the SEC charges.

Since then, the TON ecosystem has evolved as a standalone ecosystem and regularly integrates innovations into the Telegram messenger.