A bullish trend is now erupting for Toncoin (TON), which has broken over two significant resistance levels, from $2.10 on December 12th to $2.30 today. Near $2.40 is where the next resistance can be observed.
According to the data from the CoinMarketcap, Toncoin (TON) has grown significantly over the past week, by over 30.62%, and noticeably during the past day, by about 15%. Additionally, the token is currently trading at $2.35.
In 2018, the encrypted messaging service Telegram created Toncoin (TON), a decentralized layer-1 blockchain that was named “Telegram Open Network.” After being abandoned, the TON Foundation took up the project and changed the name to “The Open Network.”
In the past few weeks, TON’s price has been rising. TON climbed significantly after establishing a baseline over the $1.60 mark. After breaking above the $1.85 resistance area and settling above the 50-day simple moving average, the price began to build momentum.
The bulls are moving higher and closer to the $2.40 region. More gains might be seen in the direction of the $2.50 and $2.65 levels if the bulls manage to move upward. Otherwise, it may begin a downward correction and return to the $1.85 support region during the next several days.
However, Toncoin (TON) is one of the top cryptocurrencies right now, leading the market in weekly gains. The CoinMarketcap’s data shows that the market valuation of TON rose by 15.92% during the past day, while its 24-hour trading volume increased by 13.47%.
Growing Trends Of Toncoin (TON)
TON Blockchains are becoming more and more popular these days. According to TON’s Weekly Digest, TON-based anonymous number sales were introduced by Telegram. In addition, Cryptomuscom implemented support for TON, and DefiLlama also began monitoring it.
The +888 virtual numbers have been listed for sale on the $TON blockchain as collectibles by the Telegram messenger team. Users may access Fragment.com and experience the highest privacy by logging in with TON blockchain-powered anonymous numbers.
The CEO of Telegram, Durov, previously worked on creating Fragment, a platform that utilizes TON and enables users to sell off their names. Durov thinks the new items will take the same amount of time to complete as Fragment did, which took the team five weeks.
After that, Durov recently announced that:
Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.
Nevertheless, TON’s today’s rise can be attributed to its most recent announcement that users may now utilize the other three decentralized exchanges on TON in addition to upcoming Telegram’s own $TON-based DEXs to trade their tokens and many others.
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