TON Price Forecast: Will Toncoin’s New Bitcoin Bridge Trigger a Surge to $10?

The Toncoin ecosystem has announced the introduction of the Bitcoin Cross-Chain Bridge. This new feature promises to enhance interoperability between Toncoin and Bitcoin, potentially revolutionizing the way these cryptocurrencies interact. Following this, today’s TON price forecast reveals a 1% decline in the last 24 hours despite increased developer activity on the network. The price of TON at press time is $7.2, and the daily trading volume has dropped 15% to $269 million.

TON Price Forecast Still in Uptrend Despite Pullback

The price of TON is trending at the 50-day (green) and above the 200-day (black) simple moving averages (SMA), indicating confirmation that the asset is still in an uptrend. Furthermore, TON price action has been forming higher highs, indicating a rising trend, according to CoinGecko data.

The asset is currently at the bottom boundary of the rising channel, which has historically provided support. TON price is expected to bounce off this support and rise 32% higher to $9.47, establishing  a new all-time high.

The TON relative strength index slid below the midpoint and is at 46.9, heading down. This signals that bearish momentum may be increasing. Nevertheless, a support level exists around 40–45 RSI that has been broken only four times in the last 10 months. Given the increasing development and liquidity flowing into Ton blockchain, the RSI is unlikely to go below 40. 

The chaikin money flow (CMF) also recently dropped from 0.2 to 0.06 before jumping to 0.1. It signals that the Ton market sentiment is bullish, although the buying pressure may be decreasing.

TON’s moving average convergence divergence (MACD) performed a bearish crossing on July 18, but still remains slightly above the zero level.

TON Price Prepares for Rally Ahead of TON Teleport BTC Bridge Launch 

The Open Network is building TON Teleport BTC, a trustless cross-chain bridge to Bitcoin that is scheduled to launch later this year.  

Want to unlock new potential for your Bitcoin ₿ on #TON? 👀

🔈 Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!

Dive into this thread to learn more 🧵⬇️ pic.twitter.com/M9gmUElvaJ

— TON 💎 (@ton_blockchain) July 17, 2024

The Ton blockchain will fully back each Bitcoin with real BTC, ensuring security and transparency. This makes Bitcoin a powerful tool for earning rewards on TON.

With TON Teleport BTC, users will be able to engage in DeFi on the network and use BTC on TON DEXs and lending platforms. It will be the equivalent of wrapped BTC (WBTC) on Ethereum. 

Tether, the company behind USDT, has been investing largely in the future of TON by supplying liquidity on the network in the form of USDT on TON. With a market cap of $18 billion, Ton blockchain is expected to swell up as more innovations pop up in the ecosystem.

Bottom Line

The announcement of the coming TON Teleport BTC cross-chain bridge has sparked speculation about TON price trajectory. This development could potentially drive increased adoption and utility for TON, supporting a bullish outlook and pushing the TON price forecast toward a new ATH target of $9.47.

Frequently Asked Questions (FAQs)

1. What is Toncoin Network?

Toncoin Network, also known as The Open Network (TON), is a decentralized blockchain platform initially developed by the team behind the messaging app Telegram. It was designed to enable fast and secure transactions, support smart contracts, and provide a scalable infrastructure for decentralized applications (dApps).

2. What is Bitcoin Cross-Chain Bridge?

The Bitcoin Cross-Chain Bridge is a technological feature designed to enable interoperability between the Bitcoin blockchain and other blockchain networks, such as the Toncoin Network (TON). This bridge allows users to transfer Bitcoin (BTC) across different blockchain platforms securely and efficiently.

3. Is TON a good investment?

Following the introduction of the BTC cross-chain bridge on the Toncoin network, TON can be a good investment as this might bringmore liquidity into the chain.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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