Telegram’s Increased Support for Toncoin
Many blockchain projects in the crypto space aim to revolutionize various industries, and Toncoin (TON) is one of these ambitious projects. Toncoin (TON) is used across the Open Network blockchain and is focused on streamlining cryptocurrency payments on Telegram.
Initially created in 2018 by Telegram’s founders, the Toncoin project was later completed by Anatoliy Makosov and Kirill Emelyanenko. The goal of the project is to create a scalable, multi-blockchain architecture capable of supporting high-volume cryptocurrency transactions and decentralized applications (dApps) that feature user-friendly interfaces.
Over time, Toncoin has evolved from being a payment-focused cryptocurrency to a broader ecosystem that supports decentralized storage, services, a domain name system, and an anonymous network. The network’s time-to-finality is under 6 seconds, cross-shard communication is almost instantaneous, and it can handle millions of transactions per second when needed.
Recently, Telegram extended its support for Toncoin by introducing a new wallet, TON Space. Telegram’s CEO, Pavel Durov, shared the exciting news on his official account, confirming that TON is now the preferred blockchain for Telegram’s crypto integration. As Durov mentioned:
“Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the US and certain other countries.”
TON Wallet Will Reach Over 800 Million Telegram Users
This integration will help expand Telegram’s Web3 infrastructure. Notably, users who have the latest version of Telegram can access the TON wallet directly from the app’s menu. The integration of Toncoin into Telegram’s Mini-Apps is expected to boost the reach of TON-based projects, promoting wider adoption.
Additionally, TON-based projects will receive priority access to Telegram Ads, which will expose them to over 37,000 Telegram communities and millions of users globally. This means that the TON wallet will be accessible to over 800 million Telegram users, and analysts suggest that this will have a positive impact on Toncoin’s performance moving forward.
Thanks to its recent performance, Toncoin (TON) now ranks among the top 10 largest cryptocurrencies by market capitalization, surpassing Polkadot, Polygon, and Litecoin. As market conditions improve, Toncoin could push beyond its current price levels. The increasing attention from investors, especially if Bitcoin and other major cryptocurrencies continue to rise, could help propel TON even further. However, it’s important to keep in mind that market conditions can shift unexpectedly, so staying informed and using risk management strategies is essential when navigating the crypto space.
As of October 8, 2023, Toncoin (TON) has a market capitalization of approximately $7 billion. Many analysts believe Toncoin is a promising project with high potential for future growth, and the increasing interest from investors supports this outlook. The Toncoin community continues to grow, regularly organizing events to spread awareness and engage new users.
Toncoin’s Technical Outlook
Toncoin (TON) has seen a rise from $1.27 to $2.59 since August 19, 2023, with the current price standing at $2.06. A breakthrough above the $2.20 resistance level could indicate that Toncoin may revisit the $2.50 price point. As long as TON remains above the critical line indicated in the chart below, there’s no indication of a trend reversal, meaning it remains in a “BUY-ZONE.”
Key Support and Resistance Levels for Toncoin
On the chart since January 2023, we can identify significant support and resistance levels that traders should watch. After a recent decline from its highs, TON has support at $1.95. If the price dips below this level, it could trigger a “SELL” signal, with the potential to fall to $1.80. A further drop below $1.60 would lead to more downside risk, potentially bringing the price to $1.50 or lower. On the upside, breaking the $2.20 resistance could push the price towards $2.50.
Bullish Indicators for Toncoin’s Price
Toncoin (TON) is still relatively new to the blockchain space, but its increasing popularity, alongside the growth of the TON ecosystem and the rising demand for privacy-focused transactions, positions Toncoin as a potential significant player in the crypto world.
The price gains in September 2023 were fueled by its continued integration with Telegram, which introduced the TON Space wallet and exposed Toncoin to roughly 800 million Telegram users. Analysts are optimistic about the coin’s future and predict further price gains, especially if it breaks the $2.20 resistance level. The next target would likely be the $2.50 mark.
Bearish Signals for Toncoin’s Price
Although Toncoin remains above $2, investors should be cautious as the market can change quickly. If Toncoin falls below its current support at $1.95, it could signal a potential decline toward $1.80. Additionally, since Toncoin is closely correlated with Bitcoin, any significant drop in Bitcoin’s price below $25,000 could have a negative impact on TON’s price.
What Do Analysts and Experts Say?
Toncoin (TON) has displayed positive growth in recent weeks, maintaining a favorable trajectory despite occasional corrections. Its integration with Telegram in September has certainly captured the attention of investors, propelling TON into the top 10 cryptocurrencies by market capitalization, ahead of Polkadot, Polygon, and Litecoin.
Many experts consider Toncoin (TON) a promising project with strong long-term potential. The ecosystem’s rapid growth, combined with the integration of TON into Telegram, suggests that Toncoin could continue playing a significant role in the market. However, market conditions can be volatile, and investors should remain vigilant of price fluctuations driven by sentiment, regulations, and other factors.
Izjava o odricanju od odgovornosti: Cryptocurrency is highly volatile and may not be suitable for all investors. Only invest money you can afford to lose. The information provided is for educational purposes and should not be construed as financial or investment advice.
