In 2018, Telegram's communications platform published a white paper describing their innovative blockchain initiative, Telegram Open Network (TONNE). This project's primary unit of currency, referred to as 'Gramme,' was meticulously designed to serve multiple functions, including covering transaction fees, facilitating payment settlements, and authenticating transactions across the network.
The project's 2018 debut made headlines as it accomplished a remarkable feat by raising a staggering $1.7 billion via a token sale. This accomplishment made it the second-largest Initial Coin Offering (ICO) in the annals of cryptocurrencies, trailing only EOS, which raised an astounding $4 billion. Two years later, however, the plot took an unexpected turn when Telegram decided to abandon the endeavor. What caused this abrupt change in course?
The project was conceived by the visionary Durov brothers Nikolai and Pavel, and incorporated a proof-of-stake protocol that utilized sharding technology to address some of the scalability issues faced by pioneering blockchain ventures such as Bitcoin.
There are 3,431,892,088 TON in circulation from the total supply of 5,047,558,528 TON. The current price is trading 23% higher in the last 7 days, with no significant sign of bearish pressure from the top.
Should you try buying TON/USD now from the Toncoin price today?
Let's have a look at the complete Toncoin (TON) Price Prediction from the TRONUSD technical analysis:
TON/USD Bulls Approaches The Cricial Fibonacci Extension Zone
On the TON/USD daily chart, the current price is trading at a premium level, with the formation of a rally-base-rally, which could work as a bullish trend continuation.
If we read the price from left to right, the latest bullish pressure has come from grabbing the sell-side liquidity at the 1.2514 level. Moreover, a new swing high formation above 1.983 made the buying pressure more potent for the coming days.
In the current structure, the near-term demand zone is found at the 1.795 to 1.607 area, from where bulls may regain momentum. In the higher timeframe, the weekly candlestick shows a potential bullish continuation as it trades within an impulsive momentum. Moreover, the latest high volume level from the 19 August bottom suggests a bullish trend continuation by remaining at the 20-day EMA support level.
Based on the daily Toncoin Price Prediction, any minor bearish correction and a bullish rejection from the 1.800 to 1.608 area could offer a strong bullish opportunity, where the main aim is to test the 2.5913 Fibonacci Extension level.
On the other hand, any bearish rejection from the 2.2157 level might offer a bearish recovery, where the main aim is to test the 1.400 psychological level.
TON/USD Ichimoku Cloud Analysis
In the TON/USD H4 chart, the bullish trend is still valid as the current price is above the Ichimoku Kumo Cloud. However, the bullish momentum above the cloud support has become overextended, which could result in a bearish correction as a mean reversion.
In the future cloud, the Senkou Span B and A are positive, which is a sign of a bullish trend continuation. Moreover, a strong gap is seen between the price and the dynamic Kijun Sen, which is a sign of a pending downside correction,
In the indicator window, the Traders Dynamic Index (TDI) shows a bearish possibility as it reaches the overbought zone. Therefore, the bullish trend might offer an entry possibility after reaching the 2.00 to 1,00 area.
On the bearish side, any bearish pressure with an H4 close below the 1.800 critical level could lower the price toward the 1.448 level.
TON/USD Intraday Price Action Analysis
The intraday H1 price shows an active bullish momentum as the current price trades above the visible range high volume level.
The dynamic 20 EMA and weekly VWAP are below the current price, while the near-term static resistance level is at 1.837. In that case, the bearish possibility is potent, but the broader bullish trend could remain unchanged,
Based on the H1 ton price prediction, any bullish rejection from the dynamic VWAP or static 1.837 level could offer a long opportunity in this pair, targeting the 2.400 level.
On the other hand, a bearish pressure and an H1 candle below the 1.763 level could eliminate the bullish structure.
Is TON/USD A Buy?
Based on the current Toncoin Price Analysis, TON/USD bullish pressure needs more confirmation before offering a trading opportunity.
As the current price is facing the intraday resistance level, the primary aim is to find a minor downside correction and bullish rejection from the near-term support level.