The cryptocurrency called TON, which is used in the Toncoin network, has been trading flat for more than a week due to the market’s pre-halving consolidation. The appearance of short candlesticks with high weekly ranges indicates neither buyers nor sellers are taking the lead. However, a consistent support trendline suggests the bullish trend will continue for Toncoin in the long term. Additionally, USDT, a stablecoin, has recently been integrated into Telegram, a messaging app linked to the TON Foundation. This integration could potentially boost Toncoin’s market value.
Telegram Users Can Now Send USDT with a DM
At the Token2049 conference in Dubai, the TON Foundation revealed an important new alliance with Tether: USDT, Tether’s widely-used stablecoin, is now integrated into the TON blockchain.
According to Ton Blockchain’s announcement regarding X, this project aims to revolutionize global peer-to-peer payments for Telegram users. By doing so, users will be able to send instant transfers directly through private messages without the requirement of blockchain addresses or downloading additional apps.
Introducing USDt on the TON platform via Telegram marks a significant advancement in bringing digital money into daily use for its 900 million users. This integration offers them a smooth and unified financial experience within TON’s decentralized web ecosystem.
— TON (@ton_blockchain) April 19, 2024
Introducing a reliable currency into the platform could boost TON‘s functionality and attract more users, leading to an organic increase in value for its native token.
Toncoin Price Hints Minor Pullback Before a Rally to $10
The current price of Toncoin is at $6.495. Above this level, there is significant resistance at $7, which is indicated by rejected candles with long wicks on the daily chart. If selling pressure continues, the Toncoin price could drop about 8% within the next week and revisit the ascending trendline near $5.88.
For more than two months, the strong foundation of the market has given buyers suitable opportunities to buy during the market downturn. Additionally, the recent partnership and the upcoming Bitcoin halving, which is expected to bring positive changes, make the TON price a promising investment for a potential bull run.
After making corrections, the market bounce back may exceed the previous peak of $7.65 and approach the psychologically significant level of $10.
Technical Indicator
- Pivot levels: With the Toncoin close to price discovery mode, the traditional pivot level indicates potential overhead resistance at $7.87 and $10
BB Indicator: An upward trajectory in the Bollinger Band indicator highlights an active recovery trend in TON price.
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2024-04-19 16:55