Toncoin is one of the best-performing large-cap cryptocurrencies today. In the last 24 hours, Ton Coin is up by 37%, and as of 10:15 GMT+3 was trading at $3.90. Trading volumes are also on the rise, and when going to press, they were up by 347% to stand at $320 million.
A Telegram IPO In The Works
The latest price jump in the price of Ton Coin has much to do with news that Telegram was considering an IPO. In an interview with the Financial Times, the Telegram founder noted that the platform had now hit 900 million users and that Telegram was considering doing an IPO. This has excited the market because the success of the IPO would unlock tremendous value growth for Ton Coin as well.
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Revenue Sharing Payable In TON Tokens
🔈 @durov announced that @telegram broadcast channels in nearly 100 countries will be receiving ad RevShare payouts in $TON! This marks a significant step towards putting crypto in every pocket.
Why is this a game-changer? 🧵👇 pic.twitter.com/TCJPacPCJD
— TON Community News (@Toncoin_Army) February 29, 2024
The excitement around Ton Coin follows a series of other good news from Telegram in the last 30 days. Towards the end of February, Telegram’s founder announced that Telegram would start splitting revenues from adverts with those broadcast channel creators. This significantly adds to the intrinsic value of Telegram because it offers an incentive for more people to build communities on Telegram, further helping to grow the network. Since Ton Coin is the currency that is used within the Telegram ecosystem, this also means good tidings for Ton Coin in the future.
Shortly after the revenue-sharing deal was announced, Binance, the largest cryptocurrency exchange by volume, announced that it was launching perpetual contracts for Toncoin. Over the past 12 days, this has added to the buildup in buying momentum on Toncoin as more investors move to the Toncoin ecosystem.
All this comes when the broader market is bullish, with Bitcoin trending higher after surpassing the $70k mark. This has given momentum to altcoins as well. For a cryptocurrency like Toncoin, which already has good news, the bullish wave across the market could push it to much higher prices.
Overall, Toncoin is on the rise because the founder of Telegram has said that an IPO is on the way, coupled with a series of good news from earlier in the month, including a Telegram revenue-sharing arrangement and the launch of Toncoin perpetual futures on the Binance cryptocurrency exchange.
Toncoin Making Higher Lows, A Signal To Bullish Continuation
Toncoin is trading in a bullish channel and continues to make higher lows as the price heads higher.
Toncoin is currently making higher lows, an indicator that every slight dip in price is being bought up. Toncoin has dipped to $3.601 and bounced off it with high volumes. If bulls sustain momentum above $3.601, the key level to watch will be the day’s high of $3.93, which is now a key resistance level in the day. If this resistance is broken, Toncoin could be headed to prices above $4 in the day.
On the other hand, if Toncoin buying volumes drop, then two scenarios could play out. The first one would be a consolidation between $3.601, which is the day’s support, and $3.93, which is now a key resistance level.
However, the bullish channel would be broken if bears take control and push Toncoin through the $3.601 support. In such a case, Toncoin could see a correction, pushing the price to around $3.27, a key intra-day support level.
Toncoin Price Prediction – Why Bulls Hold The Most Sway
While there is a chance that Toncoin could consolidate or turn bearish, the odds are that it will test and breach $4 in the day. That’s because there has been a consistent inflow of good news for the past two weeks. The good news is also not just hype based but adds value to Toncoin.
For instance, the revenue-sharing deal will drive up the usage of Telegram, while the IPO could unlock value for Telegram, just like it did for other major social media networks. Since Toncoin is the cryptocurrency central to the Telegram ecosystem, the odds are that it will keep getting stronger as these moves materialize.
Besides, considering that all this positive news around Telegram is coming at the beginning of the alt-season, the odds of Toncoin making new highs from its current prices are pretty high.
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