In recent weeks, Toncoin (TON) experienced a slowdown in its price momentum after impressive gains throughout March and April. However, a notable resurgence has taken place since yesterday. Bulls have driven Toncoin’s price up 12% in the last 24 hours to $5.39. This remarkable rebound coincides with the announcement of a significant investment by Pantera Capital, a renowned cryptocurrency investment firm.
Pantera Capital Betting On TON-Telegram Integration
Pantera Capital’s decision to invest in Toncoin comes on the heels of its integration with Telegram, a move deemed by Pantera as a game-changer for the cryptocurrency. Through a blog post, Pantera Capital articulated its belief in Toncoin’s potential to revolutionize crypto adoption by tapping into Telegram’s extensive user base. With over 900 million monthly active users, Telegram’s secure and future-facing messaging platform provides a fertile ground for Toncoin’s expansion.
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“We believe TON can introduce crypto to the masses because it is used extensively within the Telegram network,” stated Pantera Capital in its blog post. Leveraging Telegram’s vast reach and user-friendly interface alongside Toncoin’s emerging ecosystem, Pantera Capital envisions Toncoin becoming one of the largest crypto networks.
Telegram: A Dominant Player In Private Messaging
Telegram’s prominence in the messaging landscape further bolsters Toncoin’s prospects. Telegram embodies much of crypto’s ethos and boasts significant distribution, surpassing its closest competitor, Signal, by a wide margin in monthly downloads. With over 36.7 million downloads in January alone, Telegram’s influence in the privacy-focused social messaging space is undeniable.
Rising Utility Of Ton Within Ton Blockchain Ecosystem
Apart from its integration with Telegram, Toncoin’s utility value within the Ton blockchain ecosystem is driving substantial interest and investment. In recent months, there has been a surge in projects launching on the Ton blockchain, mainly meme coins, further bolstering the demand for Toncoin as the native currency of the network.
GM, $ton fam 💎
We have the May schedule ready!
This month, there will be several very important events that will have a huge impact on the future of Parachute.
Maintaining a certain level of secrecy associated with our project, we won’t give you everything on a silver…
— Parachute 🪂 (@Parachute_ton) May 1, 2024
The convergence of these factors underscores Toncoin’s position as a cryptocurrency with immense growth potential. Pantera Capital’s sizable investment is a vote of confidence in Toncoin’s ability to redefine crypto adoption and establish itself as a dominant force in the digital asset space.
Toncoin Cryptocurrency Price Prediction
Toncoin has gained by 12% in the last 24 hours and was trading at $5.39 when going to press. Volumes have risen by 21% in the previous 24 hours, hitting $242.37 million.
After a price crash on April 30, TON has rebounded for the last two days. Today, TON is trading at a multi-day resistance at $5.409. This resistance will likely determine how TON trades today and over the weekend.
If bulls can push TON through the $5.409 resistance, it would open the way for higher prices in the short term. With big news such as the investment into TON by Pantera, breaching the $5.409 resistance could see TON hit prices as high as $7 in the short term.
On the other hand, if bulls lose momentum at $5.409, then two scenarios could play out today. The first is a possible consolidation between the $5.409 resistance and $5.21 inter-day support level.
However, if bears take control, the critical level to watch would be the $5.21 support. If this support is broken, Toncoin could be headed to $4.796, a primary weekly support level.
💎 𝐓𝐎𝐍 𝐱 @Tether_to 💎$USDt – $TON Reaches $100M in issued and circulating USDt in under 2 weeks 🤯💎
Making it the fastest growing launch of Tether’s USDt in Web3 history.#TONxTelegramxTether pic.twitter.com/HcavE5h7TY
— TON 💎 (@ton_blockchain) May 3, 2024
The Case For $7 Short Term
While markets are inherently unpredictable, the odds are higher that TON could be headed higher today and over the weekend. $7 could be a key target for TON in the short term.
A key factor likely to drive this momentum is the news of Pantera’s investment and the reason behind it. As this news filters into the market, it could push TON through the day’s resistance at $5.409 and head to higher prices.
Read More: Why Ton Could Test $10 Soon
Bitcoin, a key determinant of marketwide direction, also shows bullish signals. If Bitcoin pushes through $60k today, it could uplift the broader market. For an altcoin like TON, which already has big news, this could see it hit new highs quickly.
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