Toncoin Price Prediction: TON Could Retest $7 if Key Resistance is Broken

Highlights:

Toncoin is currently trending towards the $6.80 resistance
A breach of the $6.80 resistance could see TON quickly rally to $7 or higher
Rising bullish sentiment across the market could see TON breach $6.80 resistance

Toncoin (TON) is experiencing a positive price trend today, aligning with the bullish momentum across large-cap cryptocurrencies. At the time of writing, Toncoin is trading at $6.77, reflecting a 3.50% increase for the day. Trading volumes are also rising, with a 1% uptick to $160.50 million, indicating growing interest and activity in the Toncoin market.

Bullish Market Sentiment Lifts Toncoin Price

The recent upward movement in Toncoin’s price is primarily attributed to the increasingly bullish sentiment in the overall cryptocurrency market and positive developments within the Toncoin ecosystem.

Bitcoin is on a solid upward trajectory, nearing the critical $70,000 mark. This bullish trend in Bitcoin has uplifted the broader market, including Toncoin, as investor sentiment turns more favourable. Should Bitcoin breach the $70,000 resistance level with high volumes, it could also catalyze a new bull cycle for the Toncoin.

Strategic Partnership with Mocaverse

Internally, Toncoin price has been making significant strides that could further boost its price in the short term. One of the key drivers is the recent strategic partnership between Toncoin and Mocaverse. On July 22, Mocaverse announced their collaboration with Toncoin through a tweet, highlighting their shared goal of growing an interoperable consumer network.

Expanding the User Base

“We are excited to announce our strategic partnership with @ton_blockchain to grow the interoperable consumer network. Together, we are driving true consumer crypto adoption!” the tweet stated. The partnership combines Moca Network’s 700 million addressable users with Toncoin’s ecosystem, resulting in a collective addressable user base of over 1.6 billion users.

Network of Networks

The partnership aims to create a “Network of Networks,” with TON being the anchor partner to champion cross-ecosystem growth. This collaboration is set to be followed by more partnerships within the broader TON ecosystem. The strategic alignment between Mocaverse, @MOCAFoundation, and the TON Foundation will establish a steering committee to drive partnership initiatives and manage a treasury for ecosystem growth.

Mobilizing Resources for Growth

The steering committee will mobilize $TON and $MOCA from a token swap agreement valued at $20 million to facilitate user growth through the PointFi system and onboard apps to the TON ecosystem. This partnership will also support the adoption of the Realm SDK as a central source of user reputation across ecosystem apps on the TON Blockchain.

Analyst Optimism for Toncoin Price

A prominent crypto analyst, DYOR, said this partnership could propel Toncoin price to new heights. “This is one of the most strategic partnerships you should watch out for this cycle,” DYOR tweeted, emphasizing the significance of Mocaverse joining the Toncoin ecosystem to drive consumer crypto adoption.

This is one of the most strategic partnerships you should watch out for this cycle 👀@moca_network coming to @ton_blockchain to grow the interoperable consumer network. Together, they are driving true consumer crypto adoption!

MOCA Coin (MOCA) and Toncoin (TON), valued at a… pic.twitter.com/qq06Yh64Af

— DYOR 🔶 (@DYOR_100X) July 23, 2024

Technical Analysis – Toncoin Price Trending Towards Inter-Day Resistance

Analyzing the charts, Toncoin has gained upside momentum since establishing strong support at $6.51 on July 28. Currently, Toncoin is trending towards weekly resistance at $6.80. If bulls push Toncoin through this resistance, it could rally to $7 or higher.

Conversely, if bulls lose momentum and fail to break the $6.80 resistance, Toncoin might consolidate between the $6.80 resistance and $6.67 support. In a bearish scenario, if the Toncoin price drops below the $6.67 support, it could retreat to the critical $6.51 support level.

Despite these potential scenarios, the odds favour a bullish outcome for Toncoin. The overall market sentiment is positive, with Bitcoin’s bullish trend likely to drive Toncoin’s price higher. Additionally, the strength of developments within the Toncoin ecosystem, particularly the Mocaverse partnership, could further fuel TON’s price appreciation in the short term.