Telegram’s TON coin experienced a surge of 45% during August. This surge follows the recent surge in the popularity of Telegram Bot apps this summer, such as the notable Unibot, which has rivaled the revenues of prominent DeFi protocols.
Notably, these Telegram Bot apps serve as interfaces to Ethereum protocols. While they don’t directly utilize the TON blockchain, they have paved the way for a fresh user experience centered around messaging apps and simplified blockchain interactions. The ecosystem’s vitality has extended beyond the success of Unibot and its counterparts. Emerging gaming and DeFi activities indicate a growing momentum within the ecosystem.
One of these projects, 8XR, has been drawing attention with a focus on gaming, boasting around 30,000 Monthly Active Users (MAUs) and 200,000 sessions within the past month. Additionally, TON’s decentralized exchanges (DEXs) have recorded a total value locked (TVL) of approximately $6 million, attracting 21,000 unique users.
TON Price Prediction
As per CoinMarketcap, Toncoin is trading at $1.82, featuring a 24-hour trading volume of $26 million, a market cap of $6.14 billion, and a market dominance of 0.58%. The 24-hour trading volume shows a 16% boost, while the coin price increased by 5%.
The Fear & Greed Index, a widely watched metric, currently stands at 40, indicating a notable state of fear in the market. Investors and traders are closely monitoring the developments in the cryptocurrency space as these indicators suggest a cautious approach is warranted.
Taking a closer look at the short-term price forecast, analysts are turning to classical pivot point calculations to identify key support and resistance levels, for TON support levels are projected at $1.808014 and, notably, at $1.772479. These levels are seen as crucial in determining the coin’s ability to withstand downward pressure and potential price declines.
Conversely, resistance levels are identified at $1.923550 and $1.999085. These resistance levels are indicative of the challenges that TON may face as it attempts to make upward price movements and regain lost ground. Traders and investors will be closely watching these resistance levels as potential turning points in TON’s price action.
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