Toncoin Price Forecast: Could Tether Collaboration Be the Key to TON Hitting $10?
Highlights
- USDT Stablecoin is now accessible on the TON blockchain. This integration makes sending money across borders as quick, cost-free, and simple as sending a text message on Telegram.
- The TON price may prolong its current recovery trendline until the lower support trendline is intact.
- The intraday trading volume in Toncoin is $1.072 Billion, indicating a 136% gain.
TON, the native cryptocurrency of the Toncoin network, has been trading sideways for over a week amid the pre-halving consolidation in the market. While the formation of the short body candles with high weeks reflects no initiation from buyers or sellers, a long-coming support trendline assures the mid-term trend remains bullish on Toncoin. Moreover, the recent integration of the USDT stablecoin within Telegram, a messaging platform connected to the TON Foundation, signals a potential for Toncoin’s market valuation to experience a resurgence.
Also Read: Crypto Price Prediction 4/19 As Bitcoin Hints Bottom Formation at $60K
Telegram Users Can Now Send USDT with a DM
In a significant announcement made at the Token2049 event in Dubai, the TON Foundation unveiled a new partnership with Tether. This collaboration brings the popular stablecoin, USDT, to the TON blockchain.
Ton Blockchain’s official announcement on X indicates that “This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a new app.”
7/ The launch of USDt on #TON represents a step towards integrating digital currencies into everyday life, providing 900M users with a seamless and integrated financial service within TON’s Web3 ecosystem in Telegram.https://t.co/s3uLPhqSBJ
— TON 💎 (@ton_blockchain) April 19, 2024
Adding a stable currency to the ecosystem will potentially enhance TON’s utility and appeal to users, thus causing a natural growth in its native token.
Toncoin Price Hints Minor Pullback Before a Rally to $10
The Toncoin price currently trades at $6.495 and witnesses an aggressive overhead supply at $7, evidenced by long-wick rejection candles in the daily chart. If the selling pressure persists, the TON price may plunge 8% by the next week to retest the ascending trendline around $5.88.
The dynamic support intact for over two months has provided buyers with suitable accumulation points during the market correction. Along with the aforementioned partnership, and the upcoming Bitcoin halving anticipated to trigger a positive market outcome, the TON price is well-positioned for a bullish reversal.
The post-correction rally rebound from the trendline could surpass the $7.65 high and chase the $10 psychological level.
Technical Indicator
- Pivot levels: With the Toncoin close to price discovery mode, the traditional pivot level indicates potential overhead resistance at $7.87 and $10
- BB Indicator: An upward trajectory in the Bollinger Band indicator highlights an active recovery trend in TON price.
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