Toncoin is one of the best-performing cryptocurrencies in the last 24 hours. As of 10:50 GMT+3, Toncoin was up by 7.21% to trade at $4.47.
Toncoin’s rising momentum has much to do with the fast-growing number of projects launching on the Ton ecosystem. Among the top projects in the Ton ecosystem are FISH, RAFF, KINGY, and NOT. For context on the success of the projects running on Ton, FISH had a fair launch on 20th March and sold more than 250 million TON, making it one of the largest fair launches on the Ton Raffles platform.
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Trending projects on TON Ecosystem ⬇️
1.@tonfish_tg
2.@TonRaffles
3.@IKingyru
4.@thenotcoin pic.twitter.com/0E5a2QmsSu— TON Community News (@Toncoin_Army) March 22, 2024
Similarly, RAFF, one of the best-performing cryptocurrencies, has hit an all-time high.
As these projects launch on the Ton Raffles, the demand for Toncoin continues to grow. That’s because each of these projects has TON as their currency.
The Ton Raffles platform is a platform that runs on the TON blockchain, which brings together blockchain technology and the power of the Ton community. Through it, the platform allows for the launch of Web 2.0 and Web 3.0 projects.
Deeper Integration Of TON In Telegram
Besides the growing adoption of the TON Raffles platform, Toncoin has benefited immensely from the ever-increasing use case of TON within the Telegram ecosystem. Recently, Telegram announced that it would start sharing revenues with channel owners. The payments will be made exclusively in Toncoin, making TON the default currency in Telegram, a platform with over 900 million users.
This deep integration between Telegram and Toncoin also adds to TON’s rising bullish momentum. For instance, Telegram’s founder recently announced that the platform was considering an IPO. This is a big deal, especially now that stock markets are gaining upside momentum in anticipation of a rate reduction later this year. This means the IPO will likely be a huge success and could help push the price of Toncoin much higher than it is currently due to excitement around such an IPO.
The Bitcoin Halving Is Drawing Closer
All these developments around Toncoin are also coming just close to the Bitcoin halving. The halving, like has happened in the past, is expected to trigger a price rally across the market and could see most altcoins do 10X or more in value. For an altcoin like TON that is already pumping, the upcoming halving could easily see test it prices as high as $20 or more in the coming months.
Overall, TON is gaining bullish solid momentum due to the growing success of projects launching on the Ton Raffles Platform, the growing use case of Toncoin in the Telegram social messaging site, and the fact that a possible Telegram IPO this year could trigger FOMO buying of TON due to its close association with Telegram.
Toncoin Breakouts Of Consolidation: A Strong Bullish Signal
After some price consolidation on March 21, Toncoin broke through the $4.27 resistance, which is now supported, an indicator that bulls are gaining momentum.
If bulls sustain the current momentum, the key level to watch would be the day’s high of $4.487, now a key resistance. If bulls push through this resistance, prices above $5 could be hit within the day.
However, two scenarios could play out for TON today if the bulls lose momentum. The first is a possible consolidation between the $4.487 resistance and the $4.27 support. This could continue until fresh money comes in and pushes TON to new highs.
On the other hand, if bears take control in the day and push TON through the $4.27 support, then $4.0 or lower could be tested in the day.
TON Price Prediction – Why $5 Is Quite Likely Today
While any of the above scenarios could play out today, TON hitting $5 today seems more likely. That’s because TON has many positive value drivers going on at the moment. For instance, the rising number of successful projects launching on the TON blockchain adds to the underlying demand for TON.
Then there is the fact that bullish sentiment is on the rise across the market as the Bitcoin halving approaches. This means cryptocurrencies with bullish sentiments, such as TON, could see FOMO build-up in the coming days and weeks.
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