by Gideon Geoffrey 
Toncoin has recently integrated with many new platforms, as the ecosystem continues to grow with the introduction of several new memecoins on the market daily.
The project has announced a partnership with Tether to make USDt on TON accessible to all users. This collaboration reflects their strong efforts towards TON mass adoption, allowing users to purchase the stablecoin on TON and access other ecosystem services within minutes.
In addition to this collaboration, the Open Network has attracted institutional investments. Pantera Capital, managing over $5 billion in assets, has invested in the Network, citing its potential to introduce cryptocurrencies to a wider audience.
After its recent expenditure, Pantera is seeking to raise an additional $1 billion in funding.
The project has also garnered increased interest from individuals, setting a new record on May 16th as the fastest blockchain, processing over 1 million new users in 24 hours.
Many are curious about the attention TON is receiving.
According to Pantera, one reason for institutional interest in the asset is its integration with Telegram, a messaging app with over 900 million users. This interest from a major capital firm is likely to attract more attention from other companies to the Open Network.
Current Price Trend
Over the past few months, TON has been experiencing a consistent upward trend. This steady climb has seen the coin surpass several key levels, with the momentum carrying over into the most recent intraweek session.
About two weeks ago, the coin reached a new all-time high, breaking the $8 mark. This significant achievement was the result of a three-day uptrend, with an initial 7% increase from $6.80. However, on-chain data suggests a remarkable over 200% surge in large transactions during that period.
Following the record high, TON experienced a sharp decline, dropping to a low of $6.90 from $7.69 before rebounding and closing above $7. Despite this, there were losses of over 7%.
Nevertheless, the coin has been on an upward trajectory since then.
Currently, the price trends indicate the formation of a bear flag, potentially signaling an impending decline.
Despite this, the cryptocurrency has demonstrated swift recovery from substantial market dips. This was evident when it retraced from $7.61 to a low of $7 on Monday but ultimately rebounded to close at its initial price.
In the most recent correction, the coin experienced a decline of over 3% on Friday, but it is showing signs of recovery, working to erase these losses. Despite the retracements, various indicators still point to strong bullish momentum.
One notable indicator is the exponential moving average, with the coin consistently trading above the 50-day EMA, indicating a sustained positive trend over an extended period.
Toncoin Price Prediction 2024
The cryptocurrency has been showing a consistent upward trend on the weekly charts. A notable surge occurred in March, with the coin gaining 36% in just seven days. However, the previous week marked the end of a four-week rally, starting at $6 and reaching $8.24.
Recently, the coin experienced a dip of over 5%, dropping to a low of $6.77.
Currently, it is showing a doji pattern, indicating uncertainty about its future direction. The coin reached a high of $7.86 this week but also dropped to a low of $7.
Several indicators suggest that the asset may experience further declines in the near future. The relative strength index is currently above 70, indicating that the asset is overbought and may need to correct.
In the past, a similar correction led to a drop of over 20% in just two weeks. If such a correction were to occur again, it could lead to a decline testing the $6 support level. However, the Fibonacci retracement level suggests significant demand around the 23% Fib level, potentially causing the asset to stabilize around $6.50 before continuing its uptrend or retesting the highlighted level.
On the other hand, if TON follows the broader crypto market, it may surge and reach new all-time highs. Bullish investors will be looking for a closing price above $10.
