Telegram Backs Toncoin with New Initiatives
Toncoin (TON), a cryptocurrency operating on the Open Network blockchain, aims to simplify payments within the Telegram ecosystem. Initially developed in 2018 by Telegram’s founders, it was later completed by Anatoliy Makosov and Kirill Emelyanenko. TON supports decentralized apps, storage, services, and anonymous communication while processing millions of transactions per second with minimal latency.
In a major development, Telegram’s CEO Pavel Durov announced that TON Wallet would be integrated into app settings for users outside the U.S. and certain regions starting November.
TON Space Wallet Reaches 800 Million Users
The TON Space wallet opens up access to Telegram’s vast user base, enabling seamless Web3 adoption. The wallet integrates into Telegram’s Mini-Apps, which TON projects can leverage to expand their reach. Moreover, TON-based users receive priority for Telegram Ads, further enhancing visibility across 37,000 communities.
Technical Analysis and Market Position
Toncoin (TON) experienced significant price growth, rallying from $1.27 to $2.59 before stabilizing at $2.06. A break above $2.20 could lead to another test at $2.50, reinforcing TON’s BUY-ZONE status. However, breaching key support at $1.95 would signal a downward trend, potentially leading to $1.80 or lower.
Support and Resistance Levels for Toncoin
From January 2023, key levels include:
- Stuðningur: $1.95 (weakens below this level)
- Resistance: $2.20 (followed by $2.50)
If TON’s price dips below $1.60, further declines to $1.50 or beyond are possible.
Drivers of Toncoin’s Growth
Toncoin’s integration with Telegram, growing popularity, and ecosystem expansion have strengthened its position as a major player in cryptocurrency markets. Its September price gains elevated it into the top 10 cryptocurrencies by market cap, surpassing Polkadot, Polygon, and Litecoin.
Risks of Decline in Toncoin Prices
While Toncoin has maintained a positive trajectory, it is not immune to market volatility. Breaking below $1.95 could signal further decline, especially if Bitcoin drops below $25,000, potentially dragging TON down.
Expert Opinions on Toncoin
Analysts view Toncoin as a promising blockchain project with considerable growth potential. However, market sentiment, volatility, and regulatory developments remain significant influences on TON’s price. Investors should stay informed and implement risk management strategies when trading.
Fyrirvari: Cryptocurrency investments are highly volatile and carry significant risk. Only invest money you can afford to lose. The information provided is for educational purposes and does not constitute financial advice.
