Toncoin (TON) Price Pumps 92.5% In 30 Days: Will Predictions Remain Bullish?

Nicholas Otieno -

Toncoin (TON) has soared 92.53% in the past 30 days after Telegram, a messaging application, announced plans to integrate the cryptocurrency into its social media platform.

Let’s review the TON price surge, whether it will continue, and why users are adopting the crypto.

Telegram embraces Toncoin

On March 31, Telegram signaling announced a groundbreaking feature that allows users to buy the platform’s advertisement services with the Toncoin token. Soon after the announcement, TON price rose to a high of $5.49 after a 7% price uptick.

Running on the Toncoin Blockchain, TON provides several advantages, including high-speed transactions and low transaction fees, making it an attractive option for advertisers looking for efficient and cost-effective advertising solutions. The already-launched advertising platform offers Telegram channel owners and content creators the opportunity to gain financial rewards.

Telegram distributes the rewards in TON on the Toncoin blockchain. Currently, the social media platform has over 800 million monthly active users around the globe. Under the Telegram ad platform, channel owners can now receive 50% of the revenue generated from ads displayed in their channels.

At the time of writing, Toncoin is trading at $5.41, an increase of 6.07% from yesterday, according to Coinmarketcap. Toncoin is ranked the 10th largest cryptocurrency for its market cap with a value of $18.7 billion, an increase of 5.95% from yesterday. TON’s trading volume is currently $208,377,837 in the past 24 hours, representing a 79.20% rise from a day ago and signaling a bullish trend rise in market activity.

TON recorded its highest price of $5.69 on March 25 2024. With this value, TON is just 7.24 % away from its all-time high goal and might surpass that soon if the trend continues for the next few days.

Telegram’s new updates have always been affecting TON’s price fluctuations. Early last month, TON increased its value by 31% to $2.64 after Telegram announced the ad revenue sharing plans. On March 13, Toncoin grew by 61% in two days after Telegram co-founder disclosed that the popular messaging app plans for an IPO. On March 21, TON soared by 14% following Telegram’s launch of Toncoin community rewards initiative worth over $100 million.

What to expect from Toncoin

To better understand whether the high bullish sentiment would lead to a further increase in the crypto’s price, let’s have an in-depth look at Toncoin’s state.

Toncoin’s Bollinger Band shows that the price moves to the middle, signalling a weakening trend in the upcoming weeks.

The Relative Strength Index (RSI) is at 69.65, meaning that TON is set to experience moderate buying pressure in the next few days.

Furthermore, its MACD shows the 12-period and 26-period moving averages crossing each other, signalling a change in the trend. This displays a potential bearish trend in the market, decreasing the chances of a continued price rise in the days to come.

Based on these three technical tools, it’s clear that the crypto is unlikely to move above its all-time high of $5.69 reached on March 25.

Diverse opinions also predict TON’s price movements for the rest of this year. Experts from Beincrypto expect Ton price to move between a minimum of $5.43 to a maximum of $6.44 this year, with $5.60 being the average price. Analysts from Gate.io anticipate TON’s price to range between $0.4144 and $5.59, with $5.18 being the average price. Observers from Ambcrypto project that TON will record its price between $2.00 (the lowest) and $2.99 (the highest), with $2.50 being the average price.

What is Toncoin?

TON is the native token of the Toncoin blockchain network, which was initially established in 2018 by Telegram. During that time, Telegram raised $1.7 billion in private funding to develop its new blockchain, which was designed to be a competitor to Ethereum.

However, Telegram abandoned the project in 2019 due to the US SEC’s lawsuit, alleging that TON was a security. Later, a group of independent developers unaffiliated with Telegram picked up the project, continued it, and finally rolled out the Toncoin blockchain and the TON cryptocurrency in 2021.

Although Toncoin is independent from Telegram, Pavel Durov, Telegram founder, often endorses the project while maintaining that Telegram has no connection with TON.

Here are some of the key use cases of Toncoin:

  • TON cryptocurrency is used as a store of value and a medium of exchange.
  • TON is designed to handle a high volume of transactions per second, ensuring efficient and fast processing.
  • Toncoin blockchain supports the development of dApps (decentralized applications).
  • Staking Toncoin can be a profitable way to earn passive income while contributing to the TON network security.
  • TON is integral to the governance process, with holders using it to vote on various proposals affecting the network.

Conclusion

Despite a potential downturn, a bullish stance remains influenced by the upcoming Bitcoin halving and enthusiasm in the market currently.