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TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge

TON price rallied nearly 15% and traded above the $6.50 resistance. Toncoin is now showing a few signs of trend exhaustion and might correct gains.

  • Toncoin jumped above the $6.20 and $6.50 resistance levels.
  • The price is now trading above $6.50 and the 100-hourly Simple Moving Average.
  • There is a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair (data source from Kraken).
  • The pair could start a downside correction if it declines below $6.80 and the $6.60.

TON Price Reaches $7

Recently, TON price started a strong increase from the $5.60 support zone. It climbed above the $6.20 resistance zone. It gained nearly 15% in a day and outperformed Bitcoin and Ethereum.

Toncoin traded close to the $7.00 level. A high was formed at $6.93 and the price is now consolidating gains. It is trading near the $6.80 zone and well above the 100-hourly Simple Moving Average. There is also a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair.

Immediate resistance is near the $6.92 level. The first key resistance is near $7.00. A close above the $7.00 resistance zone could spark a strong increase.

TON Price

Source: TONUSD on TradingView.com

The next key resistance is near $7.20. If the bulls remain in action above the $7.20 resistance level, there could be a rally toward the $7.55 resistance. Any more gains might send the price toward the $8.00 resistance.

Downside Correction In Toncoin?

If Toncoin price fails to clear the $6.90 resistance zone, it could start a downside correction. Initial support on the downside is near the $6.80 level and the parabolic curve, below which the price might test the 23.6% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high.

The next major support is at $6.25 or the 50% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high. If there is a downside break and a close below the $6.25 level, the price might accelerate lower. In the stated case, the price could retest the $6.00 support zone.

Technical Indicators

Hourly MACD – The MACD for TON/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for TON/USD is now above the 70 level.

Major Support Levels – $6.80 and $6.60.

Major Resistance Levels – $6.90 and $7.00.

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TON Price Soars 9% On Pantera Capital’s Investment, Capitalizing On Telegram User Potential

Venture capital firm Pantera Capital has invested significantly in The Open Network blockchain. The news, announced on Thursday, resulted in a 9% surge in the network’s native token, Toncoin (TON), pushing its value above the $5 mark.

Pantera Capital Bullish On TON And Telegram Integration

In a statement, Pantera Capital expressed enthusiasm about their latest investment in TON. The Layer 1 network, initially conceived by Telegram and continued by the open-source community, can potentially introduce cryptocurrency to the masses due to its extensive usage within the Telegram network. 

Telegram, used by over 900 million monthly active users, is known for personal and group communication, community building, content sharing, and more. Pantera Capital believes that by leveraging Telegram’s vast user base and user experience, combined with TON’s growing ecosystem, the network could become one of the largest in the cryptocurrency space. Pantera’s announcement further reads:

We at Pantera Capital are thrilled to announce our latest investment in TON, a Layer 1 network originally designed by Telegram and continued by the open-source community.  We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. 

The integration of TON with Telegram aligns with the platform’s vision of providing a “seamless” and “borderless” experience for peer-to-peer (P2P) payments within its user base. 

Tether’s Integration With The Open Network

As previously reported by NewsBTC, Tether, the company behind the largest stablecoin in the market, USDT, recently announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT) on The Open Network. 

This integration further increases the potential for P2P payments within Telegram’s extensive user base, a prospect that Pantera Capital aims to capitalize on.

In addition to the investment in TON, Pantera Capital is actively pursuing the launch of a new fund, Pantera Fund V, to raise over $1 billion. This fund aims to provide investors with diverse investment options across the blockchain asset spectrum, encompassing startup equity, early-stage tokens, and liquid tokens.

The new fund has established a minimum investment threshold of $1 million for qualified investors, and the first close is scheduled for April 1, 2025. 

Insiders familiar with the matter have indicated that Pantera Fund V is anticipated to reach a similar size as its predecessor, which successfully amassed approximately $1.25 billion in capital two years ago.

TON

Following the disclosure of Pantera Capital’s investment in The Open Network, the price of TON experienced a notable 9% surge on Thursday, reaching a current trading price of $5.09. This increase comes after a significant price decline, with TON dropping as low as $4.6 after reaching its all-time high (ATH) of $7.65 in mid-April.

Featured image from Shutterstock, chart from TradingView.com 

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Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network

Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours. 

Tether Expands Reach To 15 Blockchains

On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains. 

The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.

With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs. 

Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:

We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.

11 Million TON Tokens To Drive Adoption Of USDT, XAUT

Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app. 

Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.

The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust. 

Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.

Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.  

Toncoin Price Rallies

Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13.

However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59. 

It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.

Toncoin price

Featured image from Shutterstock, chart from TradingView.com

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Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact

Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.

Telegram Implements TON Blockchain For Ad Payments

Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month. 

Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.

The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:

We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.

Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.

TON Shows Bullish Momentum

As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively. 

Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of $5.30. This surge adds to its impressive 100% price increase over the past 30 days alone.

Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to $234,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.

Furthermore, the TON token is approaching its all-time high (ATH) mark of $5.69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.

However, the token must surpass the significant resistance level of $5.45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.

On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is $5.26. This support level acts as a buffer to prevent a significant downward correction in price.

Telegram

Featured image from Shutterstock, chart from TradingView.com

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Toncoin (TON) Hits New Yearly Peaks, Surging 60% On Buzz Surrounding Potential Telegram IPO

Toncoin (TON) has experienced a notable uptrend in recent weeks, driven by significant news and announcements surrounding the popular social media platform Telegram, the latest being a potential initial public offering (IPO). 

Telegram User Base Surpasses 900 Million

According to his latest appearance, aside from his constant announcements through his channel on the social media platform, Pavel Durov, the CEO of Telegram, shared that the messaging app has amassed over 900 million users, up from 500 million in 2021, and is steadily approaching profitability. 

In an interview with the Financial Times, Durov revealed that Telegram’s introduction of advertising and premium subscription services two years ago has enabled the company to generate “hundreds of millions of dollars” in revenues. With yearly expenses at less than 70 cents per monthly user, Telegram’s financial growth is gaining momentum.

Telegram is implementing various strategies as part of its ongoing efforts to generate revenue. As reported by NewsBTC, the company is planning to introduce revenue sharing with channel creators, offering them a 50% share of the marketing budget. 

Additionally, Telegram is launching business accounts and a “social discovery” feature, which will reportedly facilitate user interaction and help connect individuals nearby. These initiatives aim to diversify Telegram’s revenue streams and provide additional value to its user base.

Potential Valuation Exceeds $30 Billion

Telegram has reportedly garnered significant interest from potential investors, with offers exceeding $30 billion in valuation. However, during the interview with the Financial Times, Durov emphasized that the company’s priority is to remain independent, and an IPO would serve as a means to “democratize” access to Telegram’s value. Durov stated:

The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value.

While Durov did not provide a specific timeline or venue for the potential IPO, two people familiar with the matter told the Financial Times that Telegram may pursue a US listing once profitability is achieved and market conditions are favorable. 

Notably, the messaging app platform has already raised approximately $2 billion in debt financing through bond offerings, providing flexibility for future financial decisions.

In the event of an IPO, Telegram is considering selling an allocation of stock to loyal users, similar to Reddit’s recent announcement. This approach aims to involve the community and foster a sense of ownership. 

Furthermore, Telegram is exploring the possibility of a smaller equity raise to fuel its artificial intelligence (AI) ambitions, including introducing an AI-powered chatbot. The company also plans to enhance its moderation processes and deploy AI-related mechanisms to address potential issues, particularly during global elections.

TON Climbs The Ranks

With Telegram’s endorsement and integration of TON into the app’s user interface and introducing a new ad revenue-sharing system, Toncoin has surged 97% in the past month, marking new yearly highs for the token. 

In addition, Telegram’s potential initial public offering has further bolstered Toncoin’s upward trajectory, with a 20% spike in the past 24 hours, resulting in a current trading price of $4.40.

Telegram

On top of that, TON has climbed into the top 13 largest cryptocurrencies on the market with a capitalization of $15 billion, surpassing other major coins such as Polkadot (DOT), Polygon (MATIC) and Chainlink (LINK). 

Featured image from Shutterstock, chart from TradingView.com 

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Telegram And TON Foundation Collaborate With Alibaba Cloud In Quest For Fastest Blockchain

Telegram’s partner, the Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced plans to set up 256 servers for a performance testing event scheduled for October 31, 2023. 

Per the announcement, the objective of this event is to officially establish the TON blockchain as the world’s fastest blockchain to earn accreditation from the Guinness World Records.

TON’s  Upcoming Performance Test

According to a report by Yahoo Finance, the TON blockchain has experienced significant growth since 2022, witnessing a 20-fold increase in addresses from 170,000 to 3.5 million. 

The network has also expanded its validator nodes to 350, fostering a more decentralized network across 25 nations. The blockchain has maintained a track record throughout this expansion, with no major network disruptions reported.

Both parties view the upcoming performance test as a crucial step in showcasing the unique capabilities of the TON blockchain, which serves as a trusted infrastructure layer for the Web3 ecosystem within Telegram.

Anatoly Makosov, the Core Development Lead at the TON Foundation, expressed anticipation for the performance testing event, highlighting the TON blockchain’s technical superiority, particularly regarding scalability. 

Makosov emphasized that TON’s large-scale public performance testing is an exciting opportunity to witness significant results and validate the blockchain’s technical prowess. Makosov stated:

We look forward to October 31, 2023, to confirm that the TON blockchain technically stands out among any other blockchain, especially in its ability to scale. This is the first large-scale public performance testing of TON – we’re just as excited as you are to see the results.

MEXC Ventures Makes Major Investment In TON Blockchain

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange, has also announced a significant investment in The Open Network. According to Yahoo Finance, this investment is MEXC’s largest Layer-1 funding and is accompanied by a partnership with the TON Foundation. 

Justin Hyun, Director of Growth at the TON Foundation, expressed enthusiasm about the partnership with MEXC, emphasizing their shared goal of offering global access to the decentralized Web3 ecosystem within Telegram. 

Per the report, the foundation is committed to delivering a “user-centric experience” for the community. MEXC’s support “significantly strengthens” its ability to develop new tools and services seamlessly integrating crypto with social media.

Steve Yun, President of the TON Foundation, highlighted MEXC’s belief in the TON blockchain’s potential for building a Web3 super-app ecosystem on Telegram. Yun expressed confidence in the TON ecosystem’s and MEXC’s mutual growth as they prepare for the next market cycle.

The collaboration between the Open Network Foundation, Alibaba Cloud, and MEXC Ventures underscores blockchain technology’s increasing recognition and adoption, particularly in the Web3 space. 

These partnerships aim to enhance the functionality, scalability, and accessibility of the TON blockchain while promoting global adoption and innovation within the decentralized ecosystem.

TON

At the time of writing, the native token of the protocol, Toncoin, is trading at $2,006, reflecting a marginal decline of 0.2% over the past 24 hours. Nevertheless, the token has experienced substantial growth year to date, boasting an impressive increase of 59% during this timeframe.

Featured image from Shutterstock, chart from TradingView.com 

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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) Price Plummets As Bears Overpower Bulls In Market Downturn

Toncoin is trading in the red today, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today’s price slump. 

TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today. 

TON’s Movement Suggests A Bearish Trend Ahead

TON is in a downtrend, forming a red candle. It has dropped below its 50-day Simple Moving Average (SMA), confirming the bearish trend. Also, TON’s Moving average Convergence/Divergence (MACD) is below its signal line and shows a negative value, which is also bearish sentiment.

The Relative Strength Index (RSI) is 42.65, dropping out of the neutral zone as it approaches the oversold region 30. The indicator is also moving downwards, reflecting the pressure from the bears.

TON’s price will likely decline till it rests on its nearest support level and the bulls rally again. Moreover, TON’s 200-day SMA shows a long-term bullish sentiment.

Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn

TON is just above the $1.8422 support as the bears mount pressure. A decline below this level will cause a price drop to $1.7525, its next support level. The bearish pressure at the $1.9918 resistance led to the current price drop for the asset. TON will likely continue its downtrend in the short term. 

Recent Development Trends On Toncoin Network Likely To Influence Its Price

The Ton Foundation announced the latest network developments in a blog post for community members. These developments could lead to a positive price action soon. 

Ton Wallet For KaiOS: Ton Wallet is currently available for KaiOS users. KaiOS is the world’s third largest operating system (OS), functional in over 160 million devices. This wallet enables users with low-specification phones to work on KaiOS, mostly Asian, African, and South American users.

Ton.Ski Ecosystem: This consists of various applications combined on the network. Agorata helps users create TON DNS subdomains and build and host simple TON sites. Also, Nonstorage allows users to upload files to TON storage through a web interface, making contracts with storage providers.

Monitoring Platform: This enables users to create projects, view messages, and add contracts in the TON community.

EVAA Protocol: This is the first decentralized lending protocol on the network giving users access to borrow native or wrapped assets directly.

Ton.app: It is an open-source marketplace for Ton apps already existing in the ecosystem. Also, users can submit proposals for projects to feature on this app.

These innovations could help TON’s price action if more users adopt the tokens based on utility and value. However, there are no guarantees of a price increase since cryptocurrencies are volatile.

Featured image from Pixabay and chart from Tradingview

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Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

Recently, the price of Toncoin (TON) witnessed a rapid decline, causing investors and traders to worry about the asset’s potential. The bear’s refusal to surrender control can cause TON’s price to drop, increasing the negative market sentiment around it. 

The entire cryptocurrency ecosystem is always volatile and unpredictable, with many price fluctuations based on various factors.

Toncoin (TON) Witnessed A Sharp Price Decline

After a slight bullish movement, a bearish momentum returned to the Toncoin (TON) market as the price fell by approximately 15.182% to a value of $2 on April 17, 2023.

However, today the bulls are gaining momentum in the market as the price of TON has increased by 5.88% to $2.0 within the last 24 hours trading session.

Notably, the 24-hour trading volume is up today by 22.76%, reaching $16 million. This indicates significant buying and selling activities, which may increase price volatility. Despite the recent pressure from the bulls, the bears may still control the market for a longer timeframe.

According to the market sentiment indicator, the current market sentiment is bearish, while the Fear and Greed index value of 50, Neutral.

Toncoin (TON) Price Analysis

TON trades below its 200-Day and 50-Day Simple Moving Averages (SMA). This suggests the market sentiment is bearish, keeping the selling pressure higher than the buying pressure.

It also indicates that the bears are pushing the price to cause a potential downtrend in TON price movement both in the long and short term.

The Relative Strength Index oscillator is currently showing 41.82, neutral. This indicates the market is now in the neutral zone; no pressure from any trend exists.

Lastly, the Moving Average Convergence Divergence (MACD) indicates bearish price movement as it is below the signal line. The massive pressure from the bears has caused the histogram to be below zero, confirming the bearish momentum.

Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

TON is trading between its primary support level of $1.768 and resistance level of $2.099. The next significant support and resistance levels are $1.284 and $2.379, respectively.

Recent Development In The TON Ecosystem

Recently, TON published made a press release about the TON Foundation’s approved grant recipients for Round 1 of 2023 Q2.

This development will bring significant value to TON by improving the visibility of TON-based applications, enabling o-chain lending, and providing on-chain contract management.

The project will also introduce new user-friendly utilities for TON core services and will expose Toncoin (TON) to a larger audience through TON wallet integration with KaiOS.  All these events will increase demand for TON, which may affect the price positively.

Featured image from Pixabay and chart from Tradingview