Crypto has been a rollercoaster in the last 24 hours, with a Bitcoin flash crash to $65k sinking the altcoin market with double digits. But in all of this horror and chaos, Toncoin seems to be making a strong rebound, rising quickly as Bitcoin seems to be making a V-shaped recovery. Today, Toncoin has bounced back with high volumes, rising from $5.78 to its current price of $6.79 at the time of writing.
The Open Network is a blockchain built for everyone. It takes pride in the ability to handle up to 50k TPS (transactions per second). This makes it one of the most scalable networks around and continues to record exponential growth in Dapps launching on the network. Toncoin is also favorable because it is eco-friendly as well. With all this talk of carbon footprints and whatnot in recent times, Toncoin’s unique design makes it one of the friendliest tokens out there when it comes to power usage.
Advertisement
Ton Foundation Enters Partnership With HashKey
Other than what’s happening with the price itself, there is some impressive news coming out on TON’s development side, too. The big news today is that, Ton Foundation has entered into a partnership with HashKey to improve access for Telegram Wallet users. This is a big deal as it makes it even easier for investors to buy into TON coin, further adding to the underlying demand. This could help further entrench Toncoin on Telegram, which is already using Toncoin to share revenues with channel creators.
TON Demand Rising As Ton Blockchain Usage Grows
There is also growing demand for Toncoin within the Ton blockchain ecosystem itself. Toncoin is used by Dapps, which launched on the Ton blockchain, and demand is already on the rise due to the Ton blockchain’s scalability.
Bitcoin Halving Is Coming Soon
Besides these factors adding to the momentum, the external markets favor not just a rebound but a potential price rally as well. The Bitcoin halving is coming up in 7-days and is expected to trigger a marketwide bull rally. This adds to Toncoin’s potential, given that it already has strong underlying demand in its own right.
In the section below, we make a price prediction for Toncoin to determine how Toncoin could trade in the coming hours and for the remainder of the weekend.
Toncoin Crypto Price Prediction
Toncoin is in a rebound after yesterday’s dip, which saw it drop to a low of $5.24. When going to press, buying volumes were on the rise and were up by 93% to a high of $872 million.
After yesterday’s dip to $5.24, Toncoin is on a rebound with high volumes. However, bulls are yet to clear through yesterday’s high of $7.64, which is now intra-day resistance. If bulls can push Toncoin through the $7.64 resistance, then Toncoin could easily trade at $10 or more within the weekend.
On the other hand, if Toncoin bulls lose momentum, then two scenarios could play out today. One would be a consolidation between the day’s high of $7.64, now a key resistance level, and $6.61, which is now a key intra-day support level.
However, if bears take control and push Toncoin through the intra-day support of $6.61, then Toncoin could easily retest yesterday’s low of $5.24.
The Bullish Case For Toncoin
While any of the above scenarios could play out in the day, the odds are higher for a continuation of the bullish momentum. A strong indicator of this fact is that. Toncoin has erased almost all the losses from yesterday’s dip. This is an indicator that the overall momentum is bullish and that the underlying demand for Toncoin is strong at the moment.
Besides, Toncoin is likely to get support from the broader market. Yesterday’s price dip was the result of a Bitcoin correction from $70k to a low of $65k. Today, Bitcoin has made a strong rebound from yesterday’s dip and is currently trading at $67,500. As it continues building up bullish momentum, solid altcoins like Toncoin are likely to get the support to keep edging higher.
Besides, with the Bitcoin halving coming up in less than a week, the hype is likely to keep building up around promising altcoins. Toncoin is one of the hottest altcoins at the moment, and it stands to see a significant jump in value as long as Bitcoin keeps pushing higher.
Advertisement
