Toncoin (TON), a Telegram-based cryptocurrency, has experienced price fluctuations over the past 24 hours. The altcoin has decreased from a peak of $7.24, indicating a slight retracement.
At the time of writing, Toncoin price is trading at $7.05, with a 2% dip in the US market. The cryptocurrency’s market cap has slightly declined by 1.57%, now standing at approximately $17.33 billion, ranking it ninth globally.
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The 24-hour trading volume has increased by 3.42%, reaching around $272.4 million, indicating heightened market activity. This rise suggests growing investor interest and could indicate upcoming price movements.
Toncoin Price Prediction: What’s Next for the Telegram-based Cryptocurrency?
The telegram-based coin has surged 11% over the 30 days after bullish market trends and positive investor sentiment. The TON price has been trading between $8.30 and $7.00, showing a steady market volatility trajectory.
Over the past week, the Toncoin price hit ATH at $8.24 on 15th June before retreating slightly to stabilize around $7.00. Since then, TON has been trading sideways, with bulls and bears engaging in a tug-of-war. Despite the volatility, the long-term outlook for Toncoin remains optimistic
Strategic Partnership with Tether Boosts Prospects
Binance has announced the successful addition of Tether (USDT) to the Toncoin Network, enabling deposits and withdrawals of USDT via TON. This significant move is designed to increase the functionality and accessibility of both USDT and Toncoin, as stated by Binance. The partnership reflects a significant advancement within the crypto sector.
Before this development, Tether’s CEO Paolo Ardoino shared hints of the upcoming integration. The formal announcement was made at the TOKEN2049 event on April 19, where Ardoino, alongside Telegram CEO Pavel Durov, articulated the benefits of this collaboration.
Binance announced that it has completed the integration of Tether (USDT) on the Toncoin Network today. Deposits and withdrawals are now open. On April 19, Tether CEO Paolo and Telegram CEO Pavel will issue a joint statement at TOKEN2049, announcing the issuance of USDT on TON.…
— Wu Blockchain (@WuBlockchain) June 21, 2024
They stressed that bringing USDT to the TON network is a strategic move aimed at broadening its user base and boosting transaction volumes.
This integration is anticipated to offer multiple advantages. By utilizing the TON infrastructure, USDT can significantly extend its reach. This step aligns with the current trend of inter-platform cooperation in cryptocurrency, aiming to enhance user experience with more versatile transaction possibilities.
Toncoin is currently undergoing a moderate market adjustment. If bears increase, TON valuation might level off at around $7. A deeper market slide could reduce its price to about $6. With escalating bearish pressure, it could even fall to $5 shortly.
Conversely, if market optimism returns, Toncoin could start an upward trajectory. If this positive trend continues, it might breach the $7.50 resistance level. With ongoing strong market support, Toncoin’s price could reach $8. In an ideal scenario, it could climb to $10 soon.
Technical Indicators Show Mixed Signals
The technical indicators for TON/USD on the 24-hour chart indicate a volatile market sentiment. The Moving Average Convergence Divergence (MACD) exhibits a bearish crossover, suggesting potential downward pressure on the price. The signal line has overtaken the MACD line, which typically signals a decrease in momentum.
Meanwhile, the Relative Strength Index (RSI) stands at 50, positioning TON in a neutral zone. This level indicates that the asset is neither overbought nor oversold, providing traders with a slight directional bias.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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