Toncoin (TON) – Aims to Improve Payment Systems

Numerous blockchain projects in the cryptocurrency space aim to disrupt the industry, and one such project is Toncoin (TON). Toncoin (TON) is a cryptocurrency used within the Open Network blockchain, designed to streamline cryptocurrency payments on the Telegram platform.

Originally created in 2018 by the founders of Telegram, the project was later developed by Anatoliy Makosov and Kirill Emelyanenko. According to the project’s team, they built a scalable multi-blockchain architecture capable of supporting a highly popular cryptocurrency and decentralized applications with user-friendly interfaces.

Over time, Toncoin (TON) has evolved from a transaction-focused cryptocurrency to a comprehensive ecosystem providing decentralized storage, services, a domain name system, and an anonymous network. The TON network boasts a time-to-finality of under 6 seconds, near-instantaneous cross-shard communication, and the ability to handle millions of transactions per second if needed.

Toncoin (TON) offers developers a fantastic opportunity to build projects and tap into Telegram’s massive user base, with a one-click app launch feature. Developers can also create decentralized games that can reach millions of Telegram users.

The TON DeFi market is experiencing rapid growth, creating exciting opportunities for new products to gain massive exposure quickly. With nearly two million members, the Toncoin community is expanding rapidly, and regular events are organized to raise awareness of TON.

XRP’s Victory: A Milestone for the Industry

While the price of many cryptocurrencies saw a boost after Judge Torres ruled in favor of XRP in its case against the U.S. Securities and Exchange Commission (SEC), Toncoin (TON) did not experience a similar price movement. Nonetheless, the ruling is a positive development for the broader cryptocurrency industry, especially regarding the classification of digital assets as securities in the U.S.

In December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that XRP sales constituted an unregistered security offering. Ripple CEO Brad Garlinghouse stated this week that the court ruling represents a significant loss for the SEC. This ruling is expected to set a precedent for the cryptocurrency market and may help restore developer confidence and attract more liquidity into the ecosystem.

Although the fight for regulatory clarity is not yet over, as the SEC may appeal the decision to the 2nd Circuit, JPMorgan strategists have called the court ruling a monumental victory for the entire crypto industry. They added:

“This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing.”

Given this, Toncoin (TON) could see a rise above its current price levels, particularly if Bitcoin and other major cryptocurrencies show positive movements in the coming weeks.

As of July 15, 2023, Toncoin (TON) has a market capitalization of $4.6 billion, and many analysts view it as a promising, relatively new project in the blockchain space, with substantial development and growing investor interest.

Toncoin (TON) – Technical Analysis Overview

Toncoin (TON) has dropped from $2.07 to $0.99 since May 23, 2023, and the current price stands at $1.34. A break below the $1.20 level could signal that Toncoin (TON) might test the $1 price point again.

On the chart below, I have marked the trendline. As long as the price of Toncoin (TON) remains below this trendline, a trend reversal cannot be expected, and the price will likely stay in the SELL-ZONE.

Ključne razine podrške i otpora za Toncoin (TON)

The price of Toncoin (TON) remains under pressure, and the risk of further decline is still present. In this chart (from December 2022), I have highlighted key support and resistance levels that traders should consider when determining potential price movements.

Currently, bears are still in control, but if the price rises above the resistance level at $1.50, the next target could be $1.70 or even the important resistance at $2.

The current support level is $1.30, and if the price drops below this level, it would trigger a “SELL” signal, potentially leading to a move toward $1.20. A fall below $1, which is a significant support level, could set the next target around $0.80.

Factors Supporting Toncoin’s Price Increase

Toncoin (TON) may still be a relatively new player in the blockchain space, but its growing popularity, expanding ecosystem, and the rising demand for privacy-focused transactions suggest that Toncoin has the potential to become a significant player in the cryptocurrency market.

According to technical analysis, Toncoin (TON) remains in a bear market, but if it moves above the resistance level at $1.50, the next targets could be $1.70 or even $2.

From a fundamental perspective, the future success of Toncoin (TON) will also depend on the flexibility of its strategy in response to competitors’ moves, as well as the regulatory landscape for cryptocurrencies.

Indicators of Potential Decline for Toncoin (TON)

Toncoin (TON) remains an unpredictable and high-risk investment, and as such, investors should exercise caution when considering this cryptocurrency.

At the same time, the macroeconomic environment remains uncertain, with central banks continuing to fight inflation by raising interest rates. In such conditions, risk assets like cryptocurrencies could face even greater challenges.

The current support level for Toncoin (TON) stands at $1.30, and if the price falls below this level, the next target could be $1.20, or even the strong support at $1.

Final Misli

Many analysts agree that Toncoin (TON) is a promising project with a bright future ahead, and it is likely to play an important role in the cryptocurrency market. Toncoin (TON) is witnessing significant growth in its use, and there are ample opportunities for developers to reach a large audience quickly.

With nearly two million members, the Toncoin community is expanding rapidly, but potential investors should be aware that Toncoin’s price is highly volatile and influenced by various factors, including market sentiment and regulatory changes.

Izjava o odricanju od odgovornosti: Cryptocurrency is highly volatile and not suitable for all investors. Never invest money you cannot afford to lose. The information on this site is provided for educational purposes only and should not be considered as financial or investment advice.