Toncoin (TON) has been in a positive mood since November 05, 2024, advancing from a low of $4.54 to a high of $6.60 reached on November 23. The current Toncoin (TON) price stands at $5.99, and despite the current correction, bulls continue to control the price movement.
Toncoin (TON) ) remains supported after Bitcoin’s price advanced above $99,000 and many crypto analysts link this positive trend on the crypto market to Donald Trump’s decisive victory in the U.S. presidential election. However, some crypto analysts suggest that Bitcoin might be in overbought territory, signaling a potentially overheated market. If Bitcoin does retreat from its important support at $90,000, significant sell-offs could follow, as traders and investors rush to secure their profits.
If the price of Bitcoin falls below important support levels like $85,000 or $80,000 it might worsen the situation and drag the entire cryptocurrency market down with it. This could be particularly problematic for altcoins like Toncoin (TON), as many rely on Bitcoin’s bullish momentum to sustain their own upward trends. So where is the price of Toncoin (TON) going next, and what can we expect from December 2024?
Today, Crypto Lists will discuss TON price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Popularity on the rise
- 2 Toncoin has benefited from the ongoing bull run
- 3 Technical analysis for Toncoin (TON)
- 4 Important support & resistance levels for Toncoin (TON)
- 5 What speaks for the rise in the Toncoin (TON) price
- 6 What indicates a downfall for Toncoin (TON)
- 7 What do analysts and experts say?
Popularity on the rise
There are many blockchain-based projects within the crypto space that aim to revolutionize the industry, and one such project is Toncoin (TON). Toncoin (TON) is a cryptocurrency used throughout the Open Network blockchain and aims to streamline cryptocurrency payments on the Telegram platform.
The popularity of Toncoin (TON) continues to grow and Toncoin has achieved significant progress within the cryptocurrency space, transforming from a transaction-focused currency to a comprehensive ecosystem offering decentralized storage, various services, a domain name system, and an anonymous network.
The TON blockchain currently has approximately 52 million wallet addresses, with around 3 million active addresses engaging in transactions. This growth reflects significant interest and adoption, partly spurred by events like airdrops that attract new users. Additionally, the network’s activity levels have been remarkable, with a daily active address count surging by 3,435% in 2024.
It is also important to mention that the prominent social media platform Telegram has expanded its backing for Toncoin this year, launching a new wallet service called TON Space. This wallet aims to make Toncoin more accessible to Telegram’s massive user base. According to Toncoin developers, the upgrade integrates Toncoin with Telegram Mini-Apps, enabling projects within the ecosystem to harness these apps to broaden their reach and foster greater adoption.
This development highlights Telegram’s commitment to weaving blockchain technology more seamlessly into its platform, offering new utilities for Toncoin and its community. With the TON wallet now accessible to Telegram’s 800 million global users, analysts predict this will significantly boost TON’s adoption and contribute to its future growth. This strategic alignment positions TON as a key player in connecting blockchain technology with a mainstream audience.
Toncoin has benefited from the ongoing bull run
Toncoin has been riding the wave of the ongoing crypto market bull run, experiencing notable gains. Since November 05, 2024, its price and market capitalization have surged by over 30%, reflecting strong investor interest and favorable market sentiment. This growth highlights Toncoin’s resilience and potential as it benefits from broader market trends.
Crypto analysts link this positive trend to Donald Trump’s decisive victory in the U.S. presidential election and according to them, Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in decentralized assets.
Despite this, investors should keep in mind that Toncoin (TON) also carries its risks as an investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses. In the weeks to come, Toncoin (TON) will remain significantly influenced by the general situation in the cryptocurrency and hence, engaging in investments related to TON demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Technical analysis for Toncoin (TON)
Toncoin (TON) has advanced from $4.54 to $6.60 since November 05, 2024, and the current price stands at $5.99. A break above the $7 level would indicate that Toncoin (TON) could probably test the price level at $8 again. As long the price of Toncoin (TON) is above the line that I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for Toncoin (TON)
On this chart (the period from February 2024), I marked important support and resistance levels that can help traders understand where the price could move. TON has weakened from its recent highs, but if the price jumps above $7, the next target could be resistance that stands at $8. The important support level is $5, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $4.50. If the price drops below 4, which also represents an important support level, the next target could be $3.5 or even below.
What speaks for the rise in the Toncoin (TON) price
Toncoin (TON) is a fairly new project in the blockchain space, but its expanding popularity, coupled with the growth of the Toncoin ecosystem and the increasing demand for privacy-centric transactions, suggest that Toncoin has the potential to be an important player in the cryptocurrency market. The overall sentiment on the cryptocurrency market also plays a very important role in TON’s price trajectory and the recent surge in Bitcoin price also had a positive impact on TON. For the bulls to remain the control of price movement, a move above $7 would be beneficial.
What indicates a downfall for Toncoin (TON)
The downfall of TON can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors to sell TON if some negative news happens in the cryptocurrency market and because of this, investing in TON involves a significant degree of unpredictability and substantial risk. Investors should keep in mind that the price of TON is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $90000 price level, that would certainly have a negative influence on the price of TON.
What do analysts and experts say?
Many crypto analysts view Toncoin (TON) as a promising project with significant potential for long-term growth. They believe its robust integration with Telegram, its expansive user base, and its innovative ecosystem make it a standout in the cryptocurrency market. With these advantages, TON is expected to maintain and even expand its influence, potentially becoming a major player in the blockchain and digital asset space. Toncoin (TON) has maintained strong support as Bitcoin surged past $99,000, with many analysts attributing the positive momentum in the cryptocurrency market to Donald Trump’s decisive victory in the U.S. presidential election. However, some experts caution that Bitcoin may be entering overbought territory, signaling a potentially overheated market. Should Bitcoin fall below the critical $90,000 support level, it could trigger significant sell-offs as traders and investors seek to lock in profits, potentially impacting the broader market, including Toncoin.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
