Is TON Hype Fading Away?

Toncoin (TON) price has experienced a strong increase in trading volume in the past few weeks. This was due to the much-anticipated integration of the TON wallet in the Telegram app. However, after weeks of the announcement, the bullish price action is fading, and the coin is down 23% from its September highs.

After an eventful first trading day of the week, most altcoins are trending lower on Tuesday. However, TON crypto surprisingly turned bullish and was up 3.08% till press time. The positive price action comes on a day when Bitcoin price is down 0.6%.

TON Community Set To Assemble At The Gateway

The annual gathering of the Toncoin community is set to take place in Dubai on 10-11 November 2023. The event known as The Gateway is an effort to accelerate the Web3  adoption among the whole Telegram community. The tickets for the event are available on the NFT marketplaces Getgems and Ton Diamonds on the TON blockchain.

Toncoin Price History

Toncoin was one of the most successful ICOs in crypto history, as the project raised $1.7 billion. However, shortly after the Initial Coin Offering (ICO) in 2019, the project fell prey to regulatory scrutiny, and the launch got delayed.

Ton was initially developed as a native cryptocurrency for the whole Telegram ecosystem. However, the messaging app had to distance itself from the blockchain project amid legal issues. The coin was finally launched in the bull run of 2021 and its price exploded on crypto exchanges.

After peaking at $5.29 in 2021, the Toncoin price entered into a deep correction with the rest of the crypto market. After last month’s announcement of Telegram integration, the interest in the project sparked again. Nevertheless, the token price remains 62% below its all-time high.

TON/BTC Loses Momentum

TON crypto immensely outperformed Bitcoin in September 2023. The rally in the TON/BTC pair was fuelled by the Telegram hype. However, the coin is now having a pullback in terms of Bitcoin as the investor focus shifts toward the latter. Since its September highs, TON has slid 42% against the most valuable digital asset on the planet.

Toncoin Price Outlook

TON to USD pair has been respecting $1.98-$2.65 trading range since the start of this year. After a breakdown below the range lows, bulls are attempting to enter back into the range. If the bulls successfully reclaim the range lows, the bullish target of $2.65 will become valid.

However, this Toncoin price prediction will be invalidated if the price breaks down below the range lows once again. In this event, bears may target the 200 MA, which lies around $1.77, or the daily support around $1.60.