- TON Foundation announces the upcoming launch of Bitcoin bridge, named TON Teleport BTC/
The announcement has pushed prices by $1.37 in 24 hrs.
As a seasoned crypto investor with years of experience under my belt, I have seen my fair share of exciting announcements in the blockchain space. However, the recent news about TON Foundation’s upcoming launch of TON Teleport BTC has truly piqued my interest.
As a crypto investor, I’m excited about the upcoming launch of TON Teleport BTC by The Telegram-associated Open Network (TON). This bridge will facilitate the seamless and secure transfer of my precious Bitcoins (BTC) directly within the Toncoin Network, ensuring trust and maintaining the safety of my digital assets.
According to the Toncoin Foundation’s announcement, the TON teleport feature for transferring Bitcoin will facilitate seamless transactions, enabling users to bypass the need for central intermediaries during lending processes.
With the teleport, every BTC bridged over the network will be backed by the actual BTC.
Additionally, the developers on the team mentioned that all transactions will be handled via smart contracts and will undergo verification through the Toncoin blockchain.
As a researcher, I would recommend this option for transactions due to its cost-effective nature while ensuring optimal security for users, surpassing that of other transaction methods.
On TON’s X (formerly Twitter) page, the team announced that,
“The upcoming TON Teleport for transferring BTC to and from TON, scheduled for release this year, ensures secure and trustless Bitcoin transactions on the TON blockchain. This feature enables you to participate in Decentralized Finance (DeFi) on TON using your Bitcoin. You can utilize Bitcoin in TON’s decentralized exchanges (DEXs), lending platforms, and other related services.”
Impact on TON
At present, the value of TON is at $7.30 following a 1.37% rise on the daily market charts. This altcoin has undergone an identical growth in market capitalization, currently standing at $18.3 billion as reported by CoinMarketCap.
However, the trading volume has declined by 3.87% to $206.7M in two hrs.
Based on AMBCrypto’s assessment, TON was undergoing a test to determine if it would break through a key resistance level at the point of reporting.
When the Simple Moving Average (SMA) stood at $7.32 and prices were at $7.30, it suggested a brief period of price weakness. Yet, as prices neared the SMA, this signified emerging buying interest, leading to a potential prolonged uptrend.
As a crypto investor, I’m observing the Daily Moving Average (DMI) indicators to validate my analysis. At the current moment, the neutral index is registering a higher value of 24 compared to the positive index at 18. Meanwhile, the negative index stands at 14. This suggests that the trend might be bearish despite the small difference between the positive and neutral indices.
Similarly, the Relative Strength Index (RSI) of TON has risen to 48 from 44 over the past 24 hours, indicating a growth in buying activity. At this point, the RSI signifies a neutral market, neither favoring buyers nor sellers.
Based on AMBCrypto’s examination of IntoTheBlock’s data, there was a noteworthy rise in the number of large holders for TON, increasing from 140,000 to 179,000 within the last week. This trend indicates heightened buying activity and a positive outlook towards the cryptocurrency.
Based on my thorough analysis of Coinglass data as a seasoned crypto market observer, it appears that Ton has undergone some significant shifts in positions over the past 24 hours. Specifically, there was a noticeable decrease in long-position liquidation and a noteworthy uptick in short-position activity. This could be a potential indicator of bearish sentiment among traders or larger institutional players entering the market to hedge their positions. Keeping a close eye on Ton’s price movements and market sentiment will be crucial as we navigate the ever-evolving crypto landscape.
Read Toncoin’s [TON] Price prediction 2024-25
At present, the value of the short position stands at $742,000, whereas the long position amounts to $4,200. Consequently, individuals holding a short position were incurring losses as those with long positions remained steadfast in their belief in the altcoin’s price increase.
Should the purchasing demand surge, Toncoin is expected to surmount the notable resistance at roughly $7.37. Once this barrier is breached on the daily charts, a further advance towards $7.63 may ensue in the near future.
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2024-07-19 17:12