Even though the price of many cryptocurrencies advanced after news that Judge Torres ruled in favor of XRP in their case against the U.S. SEC, the price of Toncoin (TON) continues to move in a downtrend, and bears continue to control the price movement.
But where is the price of TON is going next, and what can we expect from the rest of July 2023? Today, Crypto Lists will discuss Toncoin 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.
Go directly to
- 1 Toncoin (TON) aims to streamline payments
- 2 Ruling in favor of XRP a milestone win for the industry
- 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 further downfall for Toncoin (TON)
- 7 Conclusion
Toncoin (TON) aims to streamline payments
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.
Toncoin (TON) was initially created in 2018 by the founders of Telegram, who began the project, but it was completed later by Anatoliy Makosov and Kirill Emelyanenko. According to the team behind this project, they created a scalable multi-blockchain architecture capable of supporting a massively popular cryptocurrency and decentralized applications with user-friendly interfaces.
Over time, Toncoin (TON) has evolved in the crypto space from a transaction-focused cryptocurrency to a full ecosystem that provides decentralized storage, services, a domain name system as well as an anonymous network. Ton network has a time-to-finality of under 6 seconds, the cross-shard communication is near-instantaneous, and it is capable of handling millions of transactions per second if necessary.
Toncoin (TON) offers a great opportunity for developers who can build their projects and unlock access to millions of Telegram users due to a one-click app launch. Toncoin (TON) also allows you to create decentralized games that can reach millions of Telegram users.
The TON deFi market is experiencing significant growth, and there’s a great opportunity for new products to get a massive audience quickly. With nearly two million members, the Toncoin community is continuously growing, and the members of the community often organize regular events and raise people’s awareness of TON.
Supply: 1,220,000,000 / 5,000,000,000
Release date: July 10, 2019
Description: Buy Toncoin from a reputable exchange now!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Ruling in favor of XRP a milestone win for the industry
Even though the price of many cryptocurrencies advanced recently after news that Judge Torres ruled in favor of XRP in their case against the U.S. Securities and Exchange Commission (SEC), the price of Toncoin (TON) didn’t show any significant price move. However, the verdict is a positive development for the cryptocurrency industry, particularly with a focus on whether digital assets should be deemed securities in the U.S.
In December 2020, the SEC sued Ripple Labs, alleging that the sales of XRP constituted an unregistered security offering, and Ripple CEO Brad Garlinghouse said this week that this court ruling represents a complete loss for the SEC. The ruling is expected to set a precedent for the cryptocurrency market moving forward and may help rebuild confidence in the crypto industry for developers and attract more liquidity to the ecosystem.
The fight for regulatory clarity is not yet over because the SEC will likely appeal the decision to the 2nd Circuit, but strategists at JPMorgan also said that the current court ruling going in favor of blockchain payments firm Ripple marks a monumental win for the entire crypto industry. Strategists at JPMorgan added:
“This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing.”
In light of this, Toncoin (TON) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments in the weeks ahead.
As of July 15, 2023, Toncoin (TON) has a market cap of $4.6 billion, and it is important to say that many analysts agree that it’s a promising project that’s fairly new in the blockchain space and has indeed seen a high level of development and appeal from investors.
Technical analysis for Toncoin (TON)
Toncoin (TON) has weakened from $2.07 to $0.99 since May 23, 2023, and the current price stands at $1.34. A break below the $1.20 level would indicate that Toncoin (TON) could probably test the price level at $1 again.
On the chart below, I marked the trendline, and as long the price of Toncoin (TON) is below this trendline, we can’t talk about a trend reversal, and the price of Toncoin (TON) remains in the SELL-ZONE.
Important support & resistance levels for Toncoin (TON)
The price of Toncoin (TON) remains under pressure, and the risk of further decline is still not over. On this chart (the period from December 2022), I marked important support and resistance levels that can help traders to understand where the price could move.
For now, bears continue to control the price movement, but if the price advances above the resistance that stands at $1.50, the next target could be $1.70 or even an important resistance level at $2.
The current support level is $1.30, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1.20. If the price drops again below $1, which represents a very important support level, the next target could be located around $0.8.
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.
According to the rules of technical analysis, Toncoin (TON) remains in a bear market, but if the price advances above the resistance that stands at $1.5, the next target could be $1.70 or even an important resistance level at $2.
Fundamentally looking, the future success of Toncoin (TON) also depends on the flexibility of its strategy in response to the competitors’ moves, but the regulations on the cryptocurrency are also very important.
What indicates further downfall for Toncoin (TON)
Toncoin (TON) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
At the same time, the macroeconomic landscape remains uncertain; major central banks continue aggressively fighting inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer even more in such conditions.
The current support level for Toncoin (TON) stands at $1.3, and if the price falls below this level, the next target could be $1.2 or even the strong support that stands at $1.
Conclusion
Many analysts agree that Toncoin (TON) is a promising project that could have a bright future, and it is likely that the coin will continue to play a significant role in the cryptocurrency market. Toncoin (TON) is experiencing significant growth in use, and there’s a great opportunity for developers to get a massive audience quickly.
With nearly two million members, the Toncoin community is continuously growing, but potential investors should keep in mind that the price of Toncoin is subject to volatility and can be influenced by various factors, including market sentiment and regulatory developments.
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.
Team behind TON launch data storage project
Telegram to build a crypto exchange and non-custodial wallet
Telegram now accepts crypto trading with BTC and TON
