Toncoin Surges 35% in 24 Hours: Telegram Integration, Exchange Listings, and TON Research Drive Rally
Toncoin (TON), the native cryptocurrency of the Open Network blockchain, has experienced a significant price surge in the past day.
Arslan Butt•Tuesday, March 12, 2024•2 min read
Toncoin (TON), the native cryptocurrency of the Open Network blockchain, has experienced a significant price surge in the past day. TON jumped nearly 35% to $3.75 at the time of writing, reaching its highest level since January 2022. Trading volume also skyrocketed by 336% to $301 million over the past 24 hours, indicating a surge in investor interest.
Possible Reasons for the Rally in Toncoin
- Telegram Integration with TON: The initial catalyst for the rally appears to be Telegram’s announcement that it would compensate channel owners for advertising using cryptocurrency. This move signifies a closer integration between Telegram and the TON ecosystem, potentially boosting TON’s utility and value.
- Exchange Listings: The listing of perpetual futures contracts for TON on major cryptocurrency exchanges like Binance further fueled the price increase. These futures contracts allow traders to speculate on TON’s future price movements, increasing exposure and liquidity for the token.
- Telegram’s Growth and Potential IPO: News regarding Telegram’s impressive user base (reportedly reaching 900 million) and potential profitability adds to the positive sentiment surrounding TON. Founder Pavel Durov’s mention of a possible IPO strengthens the perception of Telegram as a stable and growing platform, potentially benefiting its associated cryptocurrency.
- TON Research Launch: The unveiling of TON Research, a platform dedicated to research within the TON ecosystem, creates excitement among developers and enthusiasts. This initiative could foster innovation and attract talent to the TON blockchain, potentially driving future growth.
Toncoin (TON/USD) Technical Analysis
TON/USD has experienced a significant surge, jumping nearly 35% in the past 24 hours to reach $3.75 (as of writing). This marks its highest level since January 2022.
Support/Resistance Levels:
- Resistance: The recent high of $3.75 could act as initial resistance. Further resistance might be around the psychological level of $4.00.
- Support: The area around $2.60 (previous high before the surge) could provide initial support. Stronger support might be found near $2.00, a significant price point from earlier this year.
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ABOUT THE AUTHOR
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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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