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10:30 BST, October 12, 2023In recent years, the world of cryptocurrencies has been buzzing with activity, with the new projects popping up every day. One such project is Toncoin (TON), a cryptocurrency that takes an innovative approach to digital assets.
TON boasts lightning-fast transaction processing speed, handling up to 100 000 operations per second. This means that cryptocurrency transactions can be executed much quicker compared to networks like Bitcoin (BTC USD) or Ethereum (ETH USD). Another standout feature of Toncoin is its robust security — thanks to blockchain technology, all network transactions are transparent and safeguarded from fraud.
But perhaps the most impressive thing here is the substantial funding Toncoin received from the venture division of the MEXC cryptocurrency exchange. The current developer of the project, the TON Foundation, has partnered with MEXC Ventures to enhance global accessibility to Web3 by reducing entry barriers. The MEXC crypto exchange will also provide marketing services and promotion of TON-based projects featured on its platform.
Additionally, the exchange plans to launch a TON-backed lending service and eliminate trading fees for the Toncoin token. As a bonus, the venture unit will continue to support TON-related apps, such as Megaton Finance, TONPlay, Fanzee and Sonet.
The TON Space wallet became available on Telegram at the start of September, enabling direct Toncoin transfers within the messenger app. The introduction of the TON Space wallet in the Telegram messenger has propelled the token into the top ten digital assets by market capitalization, even surpassing Solana (SOL). The wallet is already accessible to all Telegram Wallet users, and from November, approximately 800 million people worldwide will be able to use it as a payment option.
In light of these events, Toncoin is gradually rebounding. Comparing its initial launch price and historical highs with the current price, it’s clear that the coin has not depreciated. Fundamental factors and interest surrounding this messenger and its associated technologies continue to generate excitement. It’s akin to observing the Bitcoin chart and not losing hope despite price fluctuations.
Admittedly, the price is currently within a downward channel, but by analyzing the entire news landscape and applying basic technical forecasting methods, it appears that the decline may be reaching its conclusion. The token has successfully rebounded from the 1.9500 resistance level, a mirror level maintained since 2022. Obviously, the bulls had to exert great efforts to prevent the bears from breaching it with a rapid impulse.
For now, the trend suggests that the price will fluctuate between the support at 1.9500 and the resistance at 2.1000. This is another mirror level, but its reaction is undeniable. It may soon break significantly if the balance between supply and demand does not recover within this range. In that case, we can anticipate a rapid movement to the next resistance of 2.3000 and, in the best-case scenario, a test of the local maximum of 2.6000. This is precisely what makes cryptocurrencies both thrilling and nerve-wracking — they can accomplish so much in a day that other assets might take a year (or even years) to achieve.
Given the active development of the Telegram messenger, its user base exponentially growing with each update, and increased interest in cryptocurrency due to internal wallet integration, the development outlook is quite optimistic. Nonetheless, market experts warn against putting too much hope in Toncoin. It is worth remembering the SEC episode when Pavel Durov had to make significant concessions regarding the Gram token to keep his blockchain idea afloat. Additionally, it’s worth remembering that ongoing legal battles with investors can pose challenges for the company.
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