During the heated crypto market craze, with many coins hitting fresh highs and setting new records, one coin stood out among investors and spectators due to its surprising behavior: Toncoin climbed into the top 10 cryptocurrencies.
The price of Telegram’s cryptocurrency, Toncoin, has performed exceptionally well in 2024, surpassing AVAX and ADA. This growth isn’t a recent development but rather a consistent trend that began towards the end of February.
What’s fueling the recent increase in value for this coin? Can we expect it to continue for an extended period? let’s focus on the exceptional cryptocurrency growth and explore the anticipated Toncoin price projections.
Introducing: Telegram Coin
In 2018, Telegram introduced Toncoin as its initial cryptocurrency project. However, administrative adjustments led to a renaming of the network from “Telegram Open Network” to simply “The Open Network.”
The commercial foundation supporting Toncoin’s cryptocurrency was eliminated, shifting its focus to an open-source network. Toncoin functions as a community-driven blockchain where fast and secure transactions are enabled through the use of its native currency, the TON coin.
Toncoin News in 2024
For about two years following the significant surge in the crypto market in 2021 that pushed Toncoin above $4.5, its price has hovered around the $2 level with relatively stable fluctuations.
In February 2024, Toncoin ignited the initial surge of a bullish market, resulting in a steady rise in its Telegram price that surpassed $7 for the first time in April 2024.
TON surpassed its previous record price within the initial two weeks of March, overcoming minor setbacks. By the end of March, Toncoin experienced a significant increase of 125%, reaching a new high of $5 for the first time.
In April, the bull run persisted and set new records, with the coin hitting $6 and then $7 during its first week, currently valued at $7.2 as I’m writing this.
What Affects The Toncoin Price Today?
On April 8th, there wasn’t a distinct marker leading to the significant increase in coin prices, but that day saw the most notable price spike. This was due to the announcement of a strategic collaboration between “The Open Network” community and HumanCode AI.
The goal of this move was to enhance the functionality of the coin by incorporating palm recognition ID verification using blockchain tech. This cutting-edge addition drew in more investors towards one of the most promising altcoins in 2024, as it adopted advanced technology for secure and transparent financial transactions.
Furthermore, the trading activity and total value of all coins in circulation for this cryptocurrency have exploded, reaching an astounding $24.9 billion on April 12th – a figure that far surpasses its previous record from 2022, which was only $5 billion.
Analysing Toncoin Price Chart
To understand potential future trends for TON‘s price, let’s examine its historical chart closely and identify both brief-term fluctuations and long-term patterns.
Instead of using the exponential moving average indicator across three specific timeframes – 50 days, 100 days, and 200 days – you can express it as:
Short-term Changes
In our Toncoin prediction, we initiate the analysis by considering the 50-day and 100-day Exponential Moving Averages (EMAs). Notably, these lines have been hovering around the market price, which was approximately $2 since Q3 2023, with minimal deviations.
Beginning in March 2024, as prices began to rise, the 50-day moving average (represented by the blue line) started to pull ahead of the 100-day moving average (represented by the yellow line). This divergence signaled a brief surge in price growth.
The price increases were consistently observed with some minor setbacks, most notably between March 14-18. Yet, there is scarcely a comparable decline in the EMA line, which has persisted in its upward trend.
Long-Term Changes
By swapping out the 100-day moving average with the 200-day moving average in our earlier analysis, we can now observe more extensive trends. The larger gap between the 50-day and 200-day averages becomes evident here, emphasizing the extended price influences that may indicate a prolonged bull market for Toncoin.
Toncoin Price Prediction 2024
On April 12th, the community-led blockchain made an announcement for a fresh airdrop, igniting optimism and distributing a total of $2.2 million in TON cryptocurrencies to traders of popular meme coins and investors in Toncoin.
It’s believed that this announcement will reinforce the coin’s price increase following a minor decrease on April 12th. The developer team aims to entice more investors and highlight the coin’s applications. This development could significantly influence Toncoin price forecasts, as traders prepare for a potential new bull market, potentially pushing the coin’s value above $10.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies, including meme coins, carries ingrained risks, and individuals should conduct their own research before making any investment decisions.
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2024-04-15 18:43