Flow

2024

Toncoin

Momentum

<ul>
 <li>Toncoin has surged 12% over the last 24 hours, sustaining its spot as the ninth-largest capped crypto.</li>
 <li>Crypto VC firm Pantera Capital has announced its investment in the TON Network, with figures undisclosed.</li>
</ul>
TON (The Open Network), the Telegram-linked L1 ecosystem, registers an impressive growth of 1182% in TVL (total value locked) over Q1 2024 — from $13.79 million in January to $176.87 million till date. The ecosystem also recorded remarkable spikes in various metrics in recent months.
The initiation of The Open League, integration of stablecoin Tether (USDT), and other rewarding <a href="https://thenewscrypto.com/ton-foundation-announces-600k-airdrop-for-nft-traders-and-holders/" target="_blank" rel="noopener noreferrer nofollow">airdrops</a> in April line up as factors that catalyzed the ecosystem’s traction and growth. As per Santiment, the wallets across the network <a href="https://twitter.com/santimentfeed/status/1786226227873042568" target="_blank" rel="noopener noreferrer nofollow">surged</a> 110% in the past 6 months to 16.8K wallets.
April saw a 90% <a href="https://x.com/ton_blockchain/status/1785376465078362621" target="_blank" rel="noopener noreferrer nofollow">increase</a> in the count of smart contract deployments on TON, highlighting the increased developers’ activity. TON has seen the deployment of over 300 projects to date, with a significant portion being applications integrated with Telegram, a cloud messaging platform with 900 million monthly active users (MAU).
Notably, over the past 24 hours, Toncoin, the native token, has surged 12%, reaching back into the $5 range. This bullish rally emerged on the charts after the announcement of crypto VC firm Pantera Capital’s investment in the TON ecosystem. Time to examine the ecosystem’s token performance in the <a href="https://thenewscrypto.com/crypto-options-market-braces-for-massive-expiration-as-btc-and-eth-fluctuate/" target="_blank" rel="noopener noreferrer nofollow">market</a>.
<h3 class="wp-block-heading" id="h-will-ton-sustain-its-momentum-or-face-correction">Will TON Sustain its Momentum or Face Correction?</h3>
In April, Toncoin rallied to hit its all-time high (ATH) of $7.65. But the momentum was short-lived, as the altcoin gradually began falling and bottomed at $4.6 on Wednesday. The 24-hour price gain catalyzed the altcoin’s entry into the $5.3 zone. But will it test and onboard an upward trend?
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="461" src="https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1024x461.png" alt="" class="wp-image-97451" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1024x461.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-300x135.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-768x346.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33-1536x691.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/05/TONUSDT_2024-05-03_08-38-33.png 1915w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">TON/USDT 24H Price Chart (Source: <a href="https://in.tradingview.com/symbols/TONUSDT/?exchange=BYBIT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Let’s analyze the daily price chart of Toncoin (TON). As per the TradingView data, the RSI is nearing the neutral zone — currently at 47-48. The trading volume displays consolidated levels. On the other hand, the Chaikin Money Flow (CMF) oscillator is still below 0 indicating a decline in the money flow.
As per TheNewsCrypto’s <a href="https://www.tradingview.com/x/WWFPXAim/" target="_blank" rel="noopener noreferrer nofollow">analysis</a>, TON’s price action demonstrates a falling wedge pattern, suggesting a bullish outlook. If this bullish momentum persists, TON is likely to test and break the resistance level of $5.407.
At the time of writing, according to CoinMarketCap data, Toncoin traded at $5.38 with a 24-hour trading volume of $233 million. Over 3.47 billion TON currently stands with a market cap of $18.7 billion.

Telegram-linked TON Ecosystem’s TVL Soars 1182% in Q1 2024

Mục lục

TheNewsCrypto

Các bài viết khác được xuất bản trên 3 thg 5, 2024

Proof of Security Summit Dubai: A Resounding Success in Fostering Secure Web3 Innovation

Popcat Price Prediction: POPCAT Pumps 15%, But Is This New Solana Meme Coin The Next WIF, BONK, O...

AI sets Solana price for May 31, 2024

SHIB, BONK, WIF's Sudden Price Jumps; What's Behind Them?

AI Cannot Flourish Without Human Knowledge – Compensation for the Original Creators is a Must

Dogecoin Outperforms Major Altcoins Amid Surging Whale Activity and Wallet Growth

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!