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Highlights
- The TON Foundation launches a new ad platform, allowing businesses to tap into its 800+ million monthly active user base.
- Bybit exchange benefits from partnership with TON Foundation boasting $22 million in trading volume from 130k Telegram users.
- A break above $2.8 could ignite a new Toncoin rally to its $5.3 ATH.
TON, the token powering the TON Blockchain, is up a modest 32% in 30 days despite the acute volatility triggered by Bitcoin price flash drop below $60,000 on March 5. As BTC and other major altcoins dumped uncontrollably on Tuesday, Toncoin price nosedived to sweep liquidity at $2.28 in a candle wick from highs around $2.75.
The 19th largest cryptocurrency, boasting $9.3 billion in market capitalization had bounced back to trade at $2.72 during US business hours on Wednesday. A commendable 77% surge in the 24-hour trading volume to $185 million hints at growing investor interest, which explains the bullish outlook in March.
Telegram’s Ad Platform Attracts Web3 Players
Telegram’s debut into the advertising industry with its new platform, is getting a lot of interest from Web3 stakeholders who desire to tap into the ecosystem’s staggering 800 million monthly active users.
Among the leading players seeking exposure to Telegram’s ad platform is Mirana Ventures. The firm recently purchased TON tokens worth $8 million, igniting speculation on an extended price rally.
Mirana Ventures’ investment will be channeled into current developments by the Ton Foundation, Mantle a layer 2 protocol, and crypto exchange Bybit.
The new ad platform launched in March 2024 will see the leading messaging platform share revenue in the TON crypto with channel owners for selling advertising.
The Ton Foundation has also expanded its partnership with Mirana Ventures via the TON Space to link users of the Mantle Network through the integration of TON-based MNT tokens. This move will support users of the Mantle Network to have access to gamified campaigns as well as ad opportunities within the Telegram ecosystem.
“The Open Network, as the native blockchain and wallet tech stack in Telegram, the centerpiece communications infrastructure of crypto and Web3, is uniquely positioned to help accelerate mass adoption,” David Ton, a Mirana Ventures managing partner said in a statement.
Toncoin Price Renews Bullish Outlook – Eyes ATH Next?
After plunging to $2.28, Toncoin is on the verge of validating another breakout, this time, targeting the all-time high of $5.3. TON sits on top of all three key bull market indicators including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA, bolstering a potential price surge.
Traders should anticipate some delays in the uptrend due to the barrier shown in red on the chart. However, with the Moving Average Convergence Divergence (MACD) almost sending a buy signal, a breakout toward the ATH could happen sooner than expected.
In case of sideways price action taking center stage, Toncoin price may oscillate between the green-colored support band and the red-colored resistance zone. Movement on either side of this range would shape TON for a massive bullish move or a correction to tap support at $2.
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