After a widespread market correction triggered by concerns around high inflation in the US yesterday, Toncoin’s bullish momentum continues today. TON is currently trading at $7.42, with a market capitalization of $25.27 billion.
Telegram Open Network was initially created by the encrypted messaging platform Telegram in 2018 under the name “Gram.” Its creators abandoned the project before being taken over by the TON Foundation and rebranded as “The Open Network.”
Advertisement
Since 2020, however, Toncoin has enjoyed a resurgence of development and support from a non-commercial group of supporters and an independent community. They are working under the banner of the TON Foundation.
Toncoin is built using a proof-of-stake consensus model on top of The Open Network. This ensures scalability and reliability. It offers fast, transparent, and secure payment services with minimal transaction fees while supporting third-party applications.
TON Remained Strong In Yesterday’s Market Correction
While many cryptocurrencies and stocks dropped considerably after the release of the US Consumer Price Index (CPI) yesterday, Toncoin remained relatively unaffected. The digital asset managed to keep its upward momentum going. Today, Toncoin has pushed above $7, with analysts now setting their sights on $10.Several factors have helped drive Toncoin’s recent surge.
One is the integration into the Telegram ecosystem that has given TON actual demand, as users can now use Toncoin for transactions. Telegram is also using TON to share its revenue with creators. Meanwhile, Dapps on the blockchain further increases its utility.
Several highly successful tokens, such as FISH, have come off the Ton blockchain recently, further adding to investors’ interest in Ton-based tokens.
A Proactive Team
The team behind Toncoin has also been proactive in spreading awareness about the project through event organizations such as one recently held in Hong Kong that highlighted Web 3.0 opportunities. This is a big deal as China is a potential cryptocurrency game-changer.
This year 2024-2025 is for $TON 🔥💎
🪖forget about the other .TON Hacker House in Hong Kong
Building Web3 Super App with @telegram and @ton_blockchain pic.twitter.com/4htCPZEcyJ
— TON Community News (@Toncoin_Army) April 4, 2024
Strong Core Metrics
TON’s record-breaking speed — 104,715 transactions per second — and superior scaling capabilities have also captured investors’ attention. Many love this feature, given that there are currently L1 chains that are presently facing scaling issues in light of rising demand.
TON Is Easily Available
Also worth noting is that since it became listed on major exchanges like KuCoin and OKX, Toncoin has become much more accessible, and its liquidity has increased. This contributes to FOMO among retail investors. That’s because when a cryptocurrency is readily available and rising in value, the odds are high that retail will be tempted to buy into the momentum. This is a significant factor in pushing Toncoin higher, even as the fundamentals continue to drive the price.
As Toncoin continues gaining traction within the cryptocurrency space, analysts are becoming more optimistic about its prospects, with $10 a significant milestone on its upward journey. However, potential investors should be mindful of the risk of trading cryptocurrencies due to their notorious volatility.
In the section below, we make a Toncoin price prediction to try and determine how it could trade now that it has been in a sustained bull run for weeks.
Toncoin Cryptocurrency Price Prediction
Toncoin is currently trading at $7.37, up by $8.60%. Trading volumes were also rising when going to press, increasing by 19% to hit $722 million.
After a brief consolidation between $6.50 and $6.92, Toncoin has broken out bullish, continuing the momentum it had built up earlier in the week. While bears have attempted to take control at around $7.5, selling volumes are low, indicating that the bullish solid momentum built up far is likely to continue. If bulls can push TON through $7.5, then $10 could be in focus within the week.
However, if bulls fail at $7.5, two scenarios could play out today. The first is a consolidation between $7.5 and $6.92. The other is a possible crash through the $6.56 support that could see TON test $5.3 support in the short term.
The Case For $10 TON
While any of the above scenarios could play out today, the odds are higher that Toncoin is headed to $10. That’s because the underlying fundamentals pushing TON higher remain strong. At the same time, Bitcoin is gaining momentum pre-halving, an indicator that a price rally could be coming pre-halving. This could uplift the whole market with it, including TON.
Advertisement
