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Toncoin (TON) has been in a positive mood since May 02, 2024, advancing from a low of $4.68  to a high of $7.46 reached on May 13. The current Toncoin (TON) price stands at $6.50, and despite the current correction, bulls continue to control the price movement.

TON’s price gains are connected with the information that Venture capital firm Pantera Capital has invested a significant sum of money in Toncoin (TON). In addition to the investment in TON, Pantera Capital is actively pursuing the launch of a new fund, Pantera Fund V, to raise over $1 billion which will provide investors with diverse investment options across the blockchain asset spectrum. But where is the price of TON going next, and what can we expect from the rest of May 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.

Toncoin (TON) is steadily gaining traction and popularity

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.

According to a report from Yahoo Finance, the TON blockchain has demonstrated substantial growth since 2022, with the number of addresses surging from 170,000 to above 3.5 million, marking a twentyfold increase. Another important information is that the prominent social media platform Telegram has expanded its backing for Toncoin this year and unveiled a new wallet named TON Space.

Toncoin developers state that the upgrade is designed to integrate the token with Telegram Mini-Apps, allowing Toncoin projects to leverage these mini-apps to expand their reach and adoption. Additionally, users of TON will receive priority access to Telegram Ads, providing exposure to more than 37,000 communities and millions of Telegram users.

As a result, the TON wallet is accessible to over 800 million Telegram users worldwide. Analysts believe this development will positively impact the future performance of TON. Toncoin (TON) has been in a positive mood since May 02, 2024, and many crypto analysts agree that TON’s price gains are connected with the information that Venture capital firm Pantera Capital has recently invested a significant sum of money in Toncoin (TON).

Pantera Capital made an investment in Toncoin (TON)

The news was announced at the beginning of May 2024 and in a statement, Pantera Capital expressed enthusiasm about their investment in TON. Pantera Capital believes that by leveraging Telegram’s vast user base and user experience, along with TON’s expanding ecosystem, the network has the potential to become one of the largest in the cryptocurrency space. Pantera’s announcement further states:

“We at Pantera Capital are thrilled to announce our latest investment in TON, a Layer 1 network originally designed by Telegram and continued by the open-source community. We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network.”

Following the disclosure of Pantera Capital’s investment in The Open Network, the price of TON experienced a notable surge and despite the current correction, bulls continue to control the price movement. All this positive news 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.

Technical analysis for Toncoin (TON)

Toncoin (TON) has advanced from $4.68 to $7.46 since May 02, 2024, and the current price stands at $6.50. A break above the $6.80 level would indicate that Toncoin (TON) could probably test the price level at $7 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.

Technical analysis for Toncoin (TON)

Important support & resistance levels for Toncoin (TON)

Important support & resistance levels for Toncoin (TON)

On this chart (the period from December 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 $6.80, the next target could be resistance that stands at $7. The important support level is $6, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $5.50. If the price drops below 5, which also represents an important support level, the next target could be $4 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 $60000 price level, that would certainly have a negative influence on the price of TON.

What do analysts and experts say?

Numerous crypto analysts have the opinion that Toncoin (TON) is a promising project that could have a bright future, and this crypto will likely 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.

TON blockchain has demonstrated substantial growth since 2022, with the number of addresses surging from 170,000 to above 3.5 million while the integration with Telegram exposed TON to approximately 800 million users on Telegram. Toncoin (TON) has been in a positive mood since May 02, 2024, and many crypto analysts agree that TON’s price gains are connected with the information that Venture capital firm Pantera Capital has recently invested a significant sum of money in Toncoin (TON).

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.

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