Toncoin (TON), the leading crypto of the Telegram ecosystem, could experience a price rally in the coming weeks.
The recent listing on the Binance exchange and the graphical outlook give hope for a double-digit percentage appreciation.
The currency is not new to bullish dynamics: since the beginning of the year, it has been under the lens of crypto investors due to its positive price performance.
Let’s see all the details below.
Toncoin (TON): one of the crypto protagonists of 2024
Since the beginning of the year, one crypto above all has made headlines due to its excellent price performance: we are obviously talking about Toncoin (TON).
The currency belonging to the cryptographic ecosystem of Telegram has emerged as one of the most promising resources for the future of the industry.
Thanks to its growing utility in the midst of the strong expansion of the chain, TON has recorded an extraordinary technological adoption.
Think that in just 8 months, Toncoin has had a price increase of over 200%, bringing its capitalization from 8 to 17 billion dollars
From March to mid-April, in its most fertile moment coinciding with the top of the crypto market, the currency grew by 20 billion dollars.
The credit, in addition to the developers and the community, can be partly attributed to the already extensive popularity of the social media Telegram which has over 900 million active users.
To observe also how compared to other top crypto altcoins like LIDO, DOGE, AVAX, and ETH, TON has grown at a much higher rate
From April onwards, despite market uncertainties, the currency has distanced itself from the rest of the competitors, outperforming them in terms of ROI.
We will see if Q4 2024 and the following year will also be characterized by optimism for Toncoin, or if the crypto industry will focus on other choices.
Source: https://dune.com/obchakevich/ton-erc20
The listing on Binance of TON could increase the trading of the coin
Just 11 days ago, the well-known crypto exchange Binance made official the successes of Toncoin (TON) by listing the coin on its platform.
With an unexpected move, TON has been added to 4 different trading pairs denominated in USDT, BTC, TRY, and FDUSD, available for over 200 million users.
Thus, the cryptocurrency of Telegram has been added to the most traded cryptographic exchange in the world, increasing the chances of its continued success.
Already in these first days of trading (excluding the first due to the questionable initial listing price), TON has grown by approximately 15% compared to BTC.
The whole thing, we remember, in one of the most delicate moments for the fate of the market in which macroeconomic tensions dominate.
On August 8, the registration date on Binance, Toncoin recorded a positive spike in terms of ERC-20 users, reaching one of the highest levels of the year.
In parallel, the number of wallets accumulating the crypto has also recorded a noteworthy effect, surpassing the highest level of the last 30 days.
It is evident therefore how the on-chain data go hand in hand with the graphical appreciation of TON.
Source: https://dune.com/obchakevich/ton-erc20
In any case, it is necessary to emphasize how the vast majority of tokens listed on Binance in 2024 are now showing negative quotations.
Since their listing date, they have seen a negative ROI, highlighting a tendency for sell-off by users who have purchased the cryptographic assets on other exchanges.
Who knows if TON will be an exception that confirms the rule or if it will also follow the negative price trend post-listing.
Source: https://x.com/crypto_gateway/status/1821149255702127085?s=48
Technical analysis: inverse head and shoulders pattern suggests imminent price rise for Toncoin
According to technical analysis, the crypto Toncoin (TON) presents all the conditions for a possible price increase in the coming weeks.
Already in the last few hours, it shows strong buying pressure from the demand side, while the broader crypto market records a slight decline in quotations.
The prices of TON are currently above all the fast averages at 5, 20, and 30 days, indicating a bullish momentum in the short term.
Even compared to the 200-period average, TON is at a much higher level, while it appears below only the 100-period average.
This latest data reflects the uncertainty of the crypto market in the summer phase, driven by negative sentiments and price distributions.
Source: https://dune.com/obchakevich/ton-erc20
Very interesting how from the TON chart emerges a technical configuration known as “inverse head and shoulders”, normally referred to with a bullish term
This pattern, widely considered as a bullish reversal figure, is resolved when the price successfully breaks the right shoulder.
Indicatively, if TON were to break the current resistance level that orbits around the current values, it could grow up to 10 dollars.
This is because in an inverted head and shoulders, normally the quotations (in case of a bullish breakout) increase up to the maximum distance between the neckline and the deepest point of the pattern.
According to experts, TON could increase by approximately 40% starting from September, confirming its 2024 as the absolute protagonist of the crypto market.
Source: https://cointelegraph.com/news/toncoin-barr-breakout-40-ton-price-rally
Source: https://en.cryptonomist.ch/2024/08/19/possible-rise-on-the-horizon-for-the-price-of-the-crypto-toncoin-ton/