Toncoin has been seeing a lot of fresh integrations lately. The ecosystem is growing, with several memecoins being introduced to the market daily.
Recently, the project announced its collaboration with Tether “to make USDt on TON accessible to everyone, everywhere.” The latest partnership shows the firm’s “efforts towards TON mass adoption are stronger than ever.” Users can purchase the stablecoin on TON and use other services in the ecosystem in minutes.
Aside from its latest cooperation, the Open Network saw institutional investments. Pantera Capital announced that it invested in the Network. The firm, which manages over $5 billion worth of assets said one of the reasons for investing is because they believed it has the capacity to introduce crypto to the masses.
Pantra is looking to raise more funds for another following its recent expenditure. The latest funding bid is for $1 billion.
Other individuals besides the institution have also shown increased interest in the asset. On May 16, the project set a new benchmark as the fastest blockchain, processing over 1 million new users in 24 hours.
Many wonder why TON is receiving all of this attention. According to Pantera, one reason for institutional interest in the asset is its integration with Telegram. They recognize the importance of the messaging app with over 900 million users. Open Network will see more interest from other companies following the capital firm’s interest.
Current Price Trend
TON has been on a steady climb since March. Due to the gradual rise, it has broken several levels and continued the spree into the previous intraweek session.
The coin registered a new all-time high two weeks ago, climbing above $8. The new ATH resulted from a three-day uptrend that kicked off with a more than 7% hike and started off at $6.80. Nonetheless, on-chain data points to the coin seeing an over 200% increase in large transactions at the time.
Toncoin saw massive declines three days after the milestone. It dropped from $7.69 to a low of $6.90 but rebounded and closed above $7. It also registered losses of over 7%. It has been on an uptrend ever since.
Price trends are currently forming a bear flag, which may result in an impending decline. Nonetheless, the cryptocurrency saw quick recovery following the massive dips that plagued the market. For example, it retraced to a low of $7 from $7.61 on Monday. However, it rebounded and closed at its opening price.
The most recent correction occurred on Friday as the coin saw a more than 3% decline. Nonetheless, it is recovering and looking to erase the losses.
Indicators are still pointing to massive bullish momentum amidst the retracements. One such is the exponential moving average. The coin is trading above the 50-day EMA and will continue this trend for an extended period.
Toncoin Price Prediction 2024
The coin maintains its uptrend on the weekly scale. One of the most bullish periods was in March, when it gained 36% in seven days. Nonetheless, the previous week was the end to a four-week sure that kicked off at $6 and ended at $8.24.
Toncoin ost over 5% as it sank to a low of $6.77. Currently printing a doji, the asset is yet to recover. It peaked at $7.86 thus week and hit a low of $7.
Several indicators point to the asset seeing more downtrends in the coming days. One such is the relative strength index. It is hovering above 70, meaning the asset is overbought and due for corrections.
The last time such a correction occurred, the coin dropped by over 20% in two weeks. A 20% drop at this time could result in a decline to test the $6 support. Nonetheless, the Fibonacci retracement level points to considerate demand concentration at the 23% Fib level. The asset may hover around $6.50 before resuming its uptrend or retesting the highlighted level.
On the other hand, TON will surge with the rest of the crypto market. It will register new all-time highs if such takes place. The bulls will eye a close above $10.
