TON, the token powering the TON Blockchain, has experienced a 32% increase in value over the past 30 days, despite the recent volatility in the cryptocurrency market. While Bitcoin and other major altcoins saw a significant drop in price on March 5, TON only dipped to $2.28 before quickly bouncing back to $2.72. This resilience is reflected in the 77% surge in trading volume, which reached $185 million in just 24 hours. These positive indicators suggest that TON has a bullish outlook for March.
Telegram’s new advertising platform has attracted interest from Web3 stakeholders who are eager to tap into its vast user base of 800 million monthly active users. One notable player is Mirana Ventures, which recently invested $8 million in TON tokens, sparking speculation of a potential price rally. The funds from this investment will be used for developments by the Ton Foundation, Mantle (a layer 2 protocol), and crypto exchange Bybit.
The launch of Telegram’s ad platform in March 2024 will allow channel owners to sell advertising space and share revenue with the messaging platform in TON cryptocurrency. Additionally, the Ton Foundation has expanded its partnership with Mirana Ventures through the integration of TON-based MNT tokens on the Mantle Network. This integration will provide users with access to gamified campaigns and ad opportunities within the Telegram ecosystem.
David Ton, a managing partner at Mirana Ventures, believes that Telegram’s Open Network has the potential to accelerate mass adoption of cryptocurrencies and Web3 technologies due to its unique position as a native blockchain and wallet tech stack within the Telegram infrastructure.
In terms of price action, Toncoin is currently on track to potentially reach its all-time high of $5.3 after bouncing back from its recent low of $2.28. The cryptocurrency is supported by all three key bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. This reinforces the possibility of a price surge in the near future.
However, there may be some resistance indicated by the red barrier on the chart, which could cause delays in the upward trend. Nonetheless, with the Moving Average Convergence Divergence (MACD) almost signaling a buy signal, a breakout towards the all-time high could occur sooner than expected.
If sideways price action becomes dominant, Toncoin’s price may fluctuate between the green support band and the red resistance zone. Movement beyond this range would either lead to a significant bullish move or a correction towards support at $2.
In conclusion, TON has shown resilience in the face of market volatility and has attracted significant interest from Web3 stakeholders through Telegram’s new ad platform. With Mirana Ventures’ investment and positive market indicators, TON is poised for a potential price surge and could reach its all-time high in the near future. However, traders should be aware of potential barriers and prepare for various price scenarios.
By
By
By