Toncoin (TON) Price Estimate October 2023 – Rise or Fall?

Toncoin (TON) has advanced from $1.27 to $2.59 since August 19, 2023, and the current price stands at $2.06.

TON’s price gains in the last several weeks are a result of its extended integration with Telegram, which exposed TON to approximately 800 million users on Telegram.

Social media giant Telegram recently extended its support to Toncoin and introduced a new wallet called TON Space and according to analysts, this integration should be a positive for the future performance of TON, but they also warned that the overall sentiment on the cryptocurrency market also plays a crucial role in TON’s price trajectory.

But where is the price of Toncoin (TON) going next, and what can we expect from the rest of October 2023?

Today, Crypto Lists will discuss Toncoin (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.

Telegram extended its support to Toncoin

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.

Social media giant Telegram recently extended its support to Toncoin and introduced a new wallet called TON Space, and the CEO of Telegram, Pavel Durov, shared this exciting news on his official Telegram account, confirming that TON is the preferred blockchain network for their crypto integration. CEO of Telegram, Pavel Durov, said:

“Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the US and some other countries.”

TON wallet will be available to over 800m Telegram users

This integration will expand Telegram’s Web3 infrastructure, and it is important to say that users who installed the latest version of Telegram can access the wallet option from the app menu. Toncoin developers say the upgrade aims to integrate the token within Telegram Mini-Apps, and Toncoin projects could utilize these mini-apps to increase their reach and adoption.

Moreover, TON-based users get priority access to Telegram Ads, exposing the projects to over 37,000 communities and millions of Telegram users. Consequently, the TON wallet will be available to over 800 million Telegram worldwide users, and according to analysts, this development should be positive for the future performance of TON.

Rating: 9.17/10
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.

›› Read Toncoin review›› Buy or Sell TON here

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This recent positive performance has catapulted Toncoin (TON) into the list of the top 10 largest cryptocurrencies by market cap, which puts it ahead of Polkadot, Polygon, and Litecoin. Toncoin (TON) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments in the weeks ahead. The upward movement of TON drew the attention of investors, but investors should keep in mind that market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market.

As of October 08, 2023, Toncoin (TON) has a market cap of approximately $7 billion, and it is important to say that many analysts agree that Toncoin (TON) is a promising project that’s fairly new in the blockchain space and has indeed seen a high level of development and appeal from investors. The popularity of Toncoin could experience significant growth, and there’s a great opportunity for new products to get a massive audience quickly. The Toncoin community is continuously growing, and the members of the community often organize regular events and raise people’s awareness of TON.

Technical analysis for Toncoin (TON)

Toncoin (TON) has advanced from $1.27 to $2.59 since August 19, 2023, and the current price stands at $2.06. A break above the $2.20 level would indicate that Toncoin (TON) could probably test the price level at $2.50 again. As long the price of Toncoin (TON) is above the line that I marked on the chart below, we can’t talk about a trend reversal, and the price of Toncoin (TON) remains in the BUY-ZONE.

Important support & resistance levels for Toncoin (TON)

On this chart (the period from January 2023), 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 the resistance that stands at $2.20, the next target could be strong resistance at $2.50. The current support level is $1.95, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1.80. If the price drops below $1.60, which represents an important support level, the next target could be $1.50 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.

TON’s price gains in September 2023 are a result of its extended integration with Telegram, which introduced a new wallet called TON Space and exposed TON to approximately 800 million users on Telegram. This news has catapulted Toncoin (TON) into the list of the top 10 largest cryptocurrencies by market cap, and if the price jumps above the resistance that stands at $2.20, the next target could be strong resistance at $2.50.

What indicates further downfall for Toncoin (TON)

Toncoin (TON) continues to trade above $2, but investors should keep in mind that market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market. The current support level is $1.95, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1.80. The price of TON is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $25000 price level, that would certainly have a negative influence on the price of TON.

What do analysts and experts say?

Toncoin (TON) has demonstrated a positive trend in the last several weeks, and despite the current correction, it has maintained a positive trajectory. TON’s price gains in September are a result of its extended integration with Telegram, which drew the attention of investors and catapulted TON into the list of the top 10 largest cryptocurrencies by market cap ahead of Polkadot, Polygon, and Litecoin.

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. However, market conditions can change rapidly, and 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.