As a seasoned crypto investor with several years of experience under my belt, I have witnessed the evolution of various blockchain projects and their impact on the market. The recent announcement of the Bitcoin Cross-Chain Bridge in the Toncoin ecosystem has piqued my interest due to its potential to revolutionize the interaction between two major cryptocurrencies.
The Toncoin system unveils its Bitcoin Interconnect Bridge as a recent development. This innovation aims to boost compatibility between Toncoin and Bitcoin, possibly redefining their relationship on the cryptocurrency scene. Concurrently, today’s prediction for TON‘s price indicates a 2.1% decrease over the past 24 hours, whereas developer engagement on the network has surged. At present, TON is priced at $7.17, and the daily trading volume has dropped by 25% to reach $272 million.
TON Price Forecast Still in Uptrend Despite Pullback
According to recent market analysis, the value of TON is currently trading above both its 50-day and 200-day moving averages as indicated by green and black lines respectively on the chart. This pattern signifies that the asset’s uptrend remains intact based on this moving average crossover. Additionally, data from CoinGecko reveals that TON’s price has been consistently reaching new highs, suggesting a persistent upward trend in its price action.
The price of TON is presently touching the lower limit of its uptrend line, which has previously acted as a cushion. It’s anticipated that this support will cause the token to rebound, resulting in a 32% increase to reach $9.47 and set a new peak price.
The TON relative strength index has dipped beneath the median value, currently at 46.9, indicating a potential rise in downward momentum. However, it’s important to note that historical support for this indicator lies between 40 and 45. This level has been breached just four times over the past 10 months. Despite the bearish signal, the growing advancements and investment in the TON blockchain could prevent the RSI from dropping below the 40 mark.
The Chaikin Money Flow (CMF) in the Ton market has lately shifted from 0.2 to 0.06 and then surged to 0.1. This indicates a bullish market sentiment for Ton, but the purchasing power could be on the wane.
As a researcher studying financial market trends, I’ve noticed that TON‘s MACD indicator executed a bearish crossover on July 18. However, it’s important to mention that the MACD line is currently hovering slightly above the zero line.
TON Price Prepares for Rally Ahead of TON Teleport BTC Bridge Launch
“TON Teleport BTC, a trustless bridge connecting Bitcoin and The Open Network’s TON, is being developed by The Open Network for launch later in the year.”
Want to unlock new potential for your Bitcoin ₿ on #TON?
Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!
Dive into this thread to learn more
— TON (@ton_blockchain) July 17, 2024
Each Bitcoin deposited onto the Ton blockchain will be fully collateralized with an equivalent amount of real Bitcoins, enhancing both security and transparency. As a result, using Bitcoin on the TON network becomes an effective means to earn rewards.
Users can utilize TON Teleport BTC for participating in Decentralized Finance (DeFi) activities on the TON network, as well as employing Bitcoin (BTC) in TON DEXs and lending platforms. This functionality is comparable to Wrapped Bitcoin (WBTC) on Ethereum.
Tether, the organization managing USDT, has been significantly contributing to the development of the TON blockchain by providing USDT liquidity on the network. The TON blockchain, boasting a market capitalization of $18 billion, is projected to expand further as new innovations emerge within its ecosystem.
Bottom Line
The revelation of the imminent TON Teleport BTC bridge has fueled anticipation about the future direction of TON’s price. With this bridge set to increase interaction between TON and Bitcoin networks, there is a strong possibility that adoption and utility for TON will surge. Consequently, market sentiment remains optimistic, with the TON price prediction pointing towards a new all-time high (ATH) of $9.47.
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2024-07-18 09:54