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Toncoin Surges Over 17% on Telegram’s TON Integration Announcement

Toncoin Surges Over 17% on Telegram's TON Integration Announcement

Toncoin (TON) has experienced a significant price surge, rising over 17% in the past 24 hours. This uptick follows a major announcement from Telegram, the popular messaging platform, regarding TON integration.

 

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Telegram’s TON Integration Fuels Price Rally

Telegram announced that channel owners will receive 50% of ad revenue generated in their channels, distributed solely in TON. This news triggered a surge in TON’s price, rising from $2.15 to a high of $2.92 within an hour, marking its highest level since February 2022. TON is currently trading at $2.49 and sits at the 15th position in terms of market capitalization among cryptocurrencies.

A Look Back at TON’s History

In 2018, Telegram launched the TON blockchain project with its native token, Gram. However, regulatory hurdles from the SEC forced Telegram to withdraw from the project in 2020. Despite these challenges, TON has evolved into an independent, open-source blockchain platform and powers various projects.

Telegram’s Decision: A Significant Step for TON

Telegram’s decision to use TON as the exclusive payout currency for ad revenue sharing marks a crucial step for both the platform and the cryptocurrency. This integration has the potential to significantly increase TON’s adoption and usage. The collective trillion views garnered by Telegram channels monthly raise questions about the potential volume of TON distributed through the new program.

Positive Market Sentiment

The broader cryptocurrency market sentiment is currently positive, with Bitcoin exceeding $60,000 and testing $64,000. This positive sentiment, coupled with Telegram’s announcement, has likely contributed to the TON rally.

The Fear & Greed Index is currently at 80, indicating “Extreme Greed” among investors, further suggesting strong buying activity in the market.

Technical Analysis (TON/USD)

  • Bullish indicators:
    • The price action is currently above the 50-day and 200-day moving averages, indicating an upward trend.
    • The Relative Strength Index (RSI) is around 71, suggesting the asset might be nearing overbought territory.
  • Potential resistance:
    • The immediate resistance level lies around $2.80, followed by the psychological level of $3.00.
  • Support levels:
    • The first support level sits around $2.20, followed by the recent low of $2.15.
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    ABOUT THE AUTHOR See More
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    Arslan Butt
    Index & Commodity Analyst
    Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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