The price of Toncoin (TON) has reached a critical support level, raising optimism about a potential upsurge. The current dynamics in TON’s price comes amid the announcement of a Telegram Growth Hub. This Telegram growth hub can boost The Open Network, the protocol fueling the TON price.
Toncoin Price Heatmap Insight from CryptoQuant
On the daily time frame, the price of TON is trading in a downtrend. CryptoQuant, a leading on-chain data and analytics provider, likened TON’s recent price movement to historical trends. A CryptyptoQuant analyst has offered insights into TON’s long-term valuation trend using the Price Heat Map. This visual tool, useful for evaluating the risk/reward ratio, computes the one-year moving average and its multipliers.
The analyst stated that TON’s price has dropped below the one-year moving average (orange trend). Historically, TON has only fallen below this level during bear markets. Given that the market is bullish, the analyst claims TON’s support level provides a good risk/reward ratio for long-term investing.
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Thus, if the current price reaches Sigma8, TON could present investors with a substantial profit margin. While the price is in a relatively “cool” zone, TON’s price movements suggest a noticeable decrease in the asset’s volatility. This could benefit investors using a DCA (Dollar-Cost Averaging) approach with less risk.
The CryptoQuant analyst noted that TON’s price may not remain at the one-year moving average levels for an extended period. This zone could be considered a desirable opportunity to accumulate the digital currency.
Potential Impact of Telegram Growth Hub
In a parallel development, OKX Ventures, The Open Platform, and Folius Ventures have allied to launch the $10 million Telegram Growth Hub. This initiative aims to boost innovation within The Open Network (TON) blockchain and boost Telegram’s mini-app ecosystem activity.
The Telegram Growth Hub will select ten innovative projects for a two-month acceleration program. Teams selected for this initiative can receive financing from the $10 million pool. As a result, they can now access capital to attract skilled professionals and build vibrant communities around their projects. Note that applications are accepted until November 29, 2024.
For developers working with TON, OKX will provide a suite of developer tools, including OKX Connect, to facilitate wallet integration. Furthermore, the Hub will provide selected teams with guidance and marketing support by connecting them with OKX, TOP, and Folius Ventures experts.
TON Price, Ecosystem Updates and Trends
TON has recorded outstanding growth since its launch. As of writing, its price was pegged at $5.02, down by 1.48% in 24 hours. The daily trading volume is up 24.9% to $228 million, suggesting investors’ optimistic sentiment. Amid a crypto market rally, experts have forecasted a $100 price for TON by 2025. This prediction assumes continued network growth and adoption.
Toncoin’s ecosystem expansion in Telegram clicker games has driven adoption and creator monetization. Recently, Toncoin airdrops, including Hamster Kombat, Catizen, Rocky Rabbit, and WatBird, flooded the market. All these helped push TON into the top 10 most valuable currencies.
Toncoin also supports Decentralized Finance (DeFi) protocols, Non-Fungible Tokens (NFTs), and decentralized exchanges. Furthermore, partnerships with businesses and content creators are helping to expand Toncoin’s use cases.
