Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?
Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8
Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.
These stars can be used to support creators and purchasing services in mini apps.
Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.
In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.
These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.
According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.
EMA Death Crossover Puts TON for 11% Downside Risk
Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact.
With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6.
On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.
Frequently Asked Questions (FAQs)
Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.
Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.
Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-telegrams-gift-toncoin-price-for-8/
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