As an experienced cryptocurrency analyst, I have closely monitored the recent surge in Telegram-linked Toncoin (TON) price, which has rebounded by approximately 50% month-to-date, outperforming the broader crypto market. This performance is particularly noteworthy due to the upcoming launch of Notcoin, a play-to-earn game on May 16, and the recent investment by Pantera Capital in The Open Network.
As an analyst, I’ve observed a significant rise in the value of Toncoin (TON), which is linked to Telegram, over the past month. Specifically, there has been a nearly 50% increase in price during this period, with an additional 15% surge within the last 24 hours. This growth has brought the coin’s value up to $7.10 on May 10 – its highest point in over three weeks.
In the same timeframe, the value of Toncoin has risen more than the broader cryptocurrency market, which experienced a 15% increase in value.
As a crypto investor, I’ve noticed that Toncoin’s price fluctuations seem to follow the trends set by other major cryptocurrencies. However, what sets Toncoin apart is its unique catalysts, which have fueled more significant growth. Let’s delve deeper into these factors.
Notcoin airdrop boosts TON demand
The price increase of Toncoin precedes the debut of Notcoin, a play-to-earn game, which is scheduled for May 16th. Notcoin functions as a social clicking game within Telegram. Players interact with the Notcoin bot and are incentivized to invite others to participate.
As a researcher studying this popular mobile game, I’ve discovered that the primary player interaction consists of frequently hitting a digital golden coin on the screen. This action grants users an in-game currency named Notcoin. To date, a staggering number of 34.5 million individuals have engaged in the “mining process” to accumulate these tokens.
As a researcher, I’ve uncovered some exciting news regarding Notcoin and their upcoming airdrop. Specifically, the Notcoin team has announced that they will be distributing a new native cryptocurrency named NOT to their entire token holder base, which numbers approximately 34.5 million individuals. This event is set to take place beginning May 16th.
Starting May 16, NOT will become available for trading on major crypto exchanges such as Binance and Bybit, with the exception that it will not be listed yet.
In the days preceding the NOT event on the TON blockchain, there has been a notable surge in the total value held within its network, which as of May 10th stood at 40.58 million TON. This represents a 33% growth during the month of May and a sevenfold increase since the beginning of 2024, indicating strong market interest for Toncoin.
As a blockchain analyst, I’ve noticed an uptick in Total Value Locked (TVL) on the TON network. This trend becomes even more noteworthy considering the recent integration of Tether (USDT) stablecoins onto our platform. With USDT now part of the TON ecosystem, users can enjoy increased stability and seamless transactions, thereby contributing to the TVL growth.
Pantera Capital’s undisclosed investment
On May 2, Pantera Capital revealed that they had invested a certain amount of money in The Open Network. They mentioned the integration of the Proof of Stake (PoS) ecosystem with Telegram’s messaging platform in April as the main reason for making this investment.
According to Pantera Capital, the collaboration between Open Network and Telegram has the potential to make Open Network one of the largest cryptocurrency networks in existence. This is largely due to Telegram’s vast user base, which boasts an impressive 900 million monthly active users and 36.7 million monthly downloads.
As an analyst, I have observed a notable increase in Toncoin’s value since the recent announcement. Specifically, there has been a roughly 46% rise in its price, indicative of the market’s positive reaction to these latest developments.
TON price technical bounce
As an analyst, I’ve observed that Toncoin’s recent price surge can be attributed to a bounce back following its touch of a significant support zone. This area was defined by an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci retracement level.
This critical support zone is visually indicated with a red circle on the chart.
At the same time, TON‘s price surge occurred after the RSI dipped to 37.45, a level last seen during February’s price increase. Notably, this RSI decrease took place when the 50-day and 200-day moving averages (MA) and the 1.0 Fibonacci retracement line provided strong support in February.
Based on a fractal analysis viewpoint, the price pattern of Toncoin around its support levels, as signaled by the daily Relative Strength Index (RSI) and Exponential Moving Averages (EMAs), shows striking similarities to its past price fluctuations.
TON price could rise over 20% in May
I’ve analyzed TON‘s price action as of May 10 and noticed that it encountered resistance around $7.17, which aligns with the 0.236 Fibonacci retracement level. Simultaneously, there are indications of a potential rebound towards the 0.0 Fib line, roughly located at $8.77, representing a nearly 22% increase from current price levels in May.
Instead of “Conversely,” you could say “On the other hand.”
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2024-05-10 16:24