Toncoin (TON) Climbs 20% – Here’s What’s Pushing The Price Up

Christian Encila

Last Updated: September 15, 2024 7:00 pm

3 mins read

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Toncoin (TON) is currently on the upside with the token experiencing a nearly 20% uptick since last week, gaining the attention of investors and traders as developments continue to rack up some hype. Although the market retraced by a percent in the 24 hours, this has led to the altcoin market recovering by a significant margin.

TON’s upward climb might continue in the coming weeks as developments proceed. In this case, investors might be able to gain more, but the market’s retracement might be a hint of what is to come.

Toncoin Integrates dApp Browser On Telegram

Ton Keeper, the platform’s native crypto wallet, has integrated a decentralized application (dApps) browser on Telegram, the instant messaging platform. This is a huge move on the side of TON as opening access to dApps through a couple of screen touches has opened a huge floodgate for the platform.

🔈 @tonkeeper launches dApps Browser in Telegram!

The Tonkeeper dApps browser is now live on Telegram, bringing dApps directly to users. Through Tonkeeper wallet’s integrated browser, you can easily access tools, games, and DeFi products, enhancing your Web3 experience.

To… pic.twitter.com/RgE8EBNFIJ

— TON 💎 (@ton_blockchain) September 13, 2024

According to CryptoQuant, stablecoin liquidity on-chain has gone up significantly after TON integrated USDT on Telegram. USDT supply on TON ballooned to $729 million in four months. Telegram’s ubiquity has reshaped the stablecoin landscape on TON as it is used in retail activities.

CryptoQuant has also noted the platform’s low transaction fee which makes the platform attractive for users of the platform. Decentralized exchanges are the major source of stablecoin activity on the platform. The implementation of the dApp browser will also increase liquidity on the platform as it makes access to necessary DeFi services easier for its users.

TON market cap currently at $14.2 billion. Chart: TradingView

In addition to this, TON has also been listed on Revolut, a fintech platform, making it available to 45 million users globally. This will significantly help the platform in gaining recognition on the retail investor side. As TON’s recent developments mature, it may help in the long-term performance of the token.

Rejection On $5.9 Resistance Might Lead To Further Losses

Although TON has gained a lot of ground against the bears as the market pulled the token upward, the short term is still a blur for investors and traders as the market’s retracement scares investors.

However, TON’s relative strength index (RSI) has yet to face any major flip in momentum. The TON market is still majority bearish with the bulls only gaining moments of overwhelming force which lead to gains.

In this case, investors and traders should be cautious of TON in the short term as the token can be influenced to retrace even further. TON bears are expected to attempt a breakthrough on the $5.5 support level. If they are successful, the bears might have an open door towards $5.1

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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