Highlights:
- Toncoin price is currently trading in a narrow range between $5.828 and $5.712
- Rising bullish sentiment across the market could trigger a bullish breakout
- Such a breakout could see TON test $6.67 in the short term
Toncoin is riding high today as the broader cryptocurrency market continues to gain momentum. At the time of writing, Toncoin is up by 5.86%, trading at $5.77. This upward trajectory is closely linked to Bitcoin’s recent price action, which has seen the leading cryptocurrency surpass the $57,000 mark. However, the Toncoin price rally is not solely dependent on Bitcoin. Several internal factors are also driving its current price surge.
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$350,000 Prize Pool Driving Ecosystem Growth
One significant catalyst for Toncoin’s price momentum is the recent launch of a $350,000 prize pool designed to stimulate the Ton ecosystem.
On August 6, the Ton team tweeted about the initiative:
“@okxweb3 has launched #TON Cryptopedia with a $350K prize pool! Explore nine innovative TON projects, including @CatizenAI, @Yescoin_Fam, @ston_fi, @dedust_io, and more, and complete tasks to win tokens and in-game assets from the TON Ecosystem.”
The tweet also highlighted that to celebrate OKX Wallet’s integration with TON as its 100th blockchain, participants will receive co-branded SBTs as a special gift. This move by OKX, which includes embracing Telegram with its official Mini App, OKX Racer, could attract more investors to Toncoin.
🔈 @okxweb3 has launched #TON Cryptopedia with a $350K prize pool!
Explore 9 innovative TON projects, including @CatizenAI, @Yescoin_Fam, @ston_fi, @dedust_io, and more, and complete tasks to win tokens and in-game assets from the TON Ecosystem. 💎
To celebrate OKX Wallet’s… pic.twitter.com/rBdGjHKFl1
— TON 💎 (@ton_blockchain) August 6, 2024
Growing Popularity of Games on Telegram
The strategic collaboration with OKX is expected to drive significant interest and participation in the TON ecosystem. The increased activity and potential rewards could lead to more investors buying Toncoin in anticipation of a price rally.
Additionally, the growing popularity of games within the Telegram ecosystem is another critical factor supporting the Toncoin price bullish trend. Inal Kardan, a gaming lead at Ton Blockchain, revealed to The Block, a news platform, that The Open Network’s (TON) nascent gaming ecosystem has become one of 2024’s most intriguing case studies in crypto. Casual games like Notcoin, Hamster Kombat, and Yescoin, he said, have potentially onboarded tens, if not hundreds, of millions of people to web3.
"The Open Network’s (#TON) nascent gaming ecosystem has emerged as one of 2024’s most interesting case studies in crypto" 🎮💎
Via @TheBlock__ ⬇️https://t.co/lNIsvaeQu8
— TON 💎 (@ton_blockchain) August 7, 2024
Exponential Growth in TON Gaming
The article also reported that gaming on the TON blockchain has grown exponentially recently. A series of clicker games offering players the promise of earning token rewards have become accessible to anyone with the Telegram messaging app. As recently as last December, only about 1% of Telegram’s monthly active users played games on the app.
However, this number has grown significantly. “Now around 20% of Telegram users play at least one game per month,” Kardan stated, indicating a 20-fold increase. With its vast user base of 950 million globally, the room for growth remains high. It opens the way for parabolic growth for the Toncoin price.
Technical Analysis – TON Headed for a Breakout
The technical charts provide an optimistic outlook for TON. The price of the Toncoin is trading within a narrow range, with resistance at $5.828 and support at $5.712. This range trading often indicates that a breakout could be imminent.
Should there be a bullish breakout through the $5.828 resistance, the Toncoin price could rally to a high of $6.170 in the short term. Conversely, if bearish forces prevail and push TON through the $5.712 support, the cryptocurrency could drop to $5.00 soon. However, with the broader market sending bullish signals and Bitcoin approaching $58,000, a bullish breakout for Toncoin seems more likely.
Recap – What Next for Toncoin Price?
Toncoin’s current performance and its underlying strengths suggest a promising future. The combination of Bitcoin’s bullish momentum, strategic initiatives like the $350,000 prize pool, and the booming gaming ecosystem on Telegram all contribute to Toncoin’s potential for continued growth. As the cryptocurrency market rallies, Toncoin stands out as a formidable player with significant upside potential. The short-term targets for TON are anywhere between $6.5 and $7.0.
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