HODL FM fam, let’s dive into our price prediction guide, our newest series tailored for true degens, HODLers and seasoned whales.
What’s driving the price of Toncoin (TON)?
- Ton ecosystem news and developments: The release of Telegram and Ton founder Parvel Durov from French custody ; network outage lasting hours affected the price this week.
- Development and BUIDL activity on theTON ecosystem: Several on-chain protocols and decentralized finance platforms are building on the TON ecosystem, from GameFi, derivative platforms, decentralized exchanges (DEXs), privacy solutions, liquid staking providers and crypto lending tools.
More: Toncoin Price Analysis: How Toncoin Performed This Week?
Telegram and The Open Network founder Parvel Durov was released from custody on August 28 after being detained for four days.
He now faces judicial supervision, must post a €5 million bond (approximately $5.5 million), and is prohibited from leaving France. Additionally, he’s required to check in at a police station every two weeks.
Toncoin, the cryptocurrency that powers the TON ecosystem by Telegram Messenger LLP ost around $2.7 billion in market value, driven by uncertainty after the co-founder of the messaging app was detained.
BREAKING: Telegram CEO Pavel Durov released on €5,000,000 bail and is forbidden from leaving France.
— Collin Rugg (@CollinRugg) August 28, 2024
F**king insane.
Durov is also being forced to check in at a police station twice a week.
Durov is facing six charges because of his "refusal to communicate, at the request of… pic.twitter.com/rGV1TVVAnu
The token dropped over 20% following reports that Pavel Durov was detained at a Paris airport on arrival to France on Saturday, suspected of not taking adequate measures to prevent criminal activity on Telegram.
Toncoin (TON) Price Prediction
Toncoin took a nosedive from the 50-day SMA ($6.58) on Aug. 24, like it had suddenly realized leaving the oven on, and then went ahead to smash through the $5.26 support on Aug. 26, like a draunot that gravity had finally caught up with.
Read on to see how Toncoin could perform in the short-term in our weekly TON price prediction.
Short-term Ton Price Prediction
Now, both moving averages are looking down, probably shaking their heads in disappointment, and the RSI is sulking in the negative zone, as bears call the shots.
The TON/USDT pair is now eyeing a drop to the all-important $4.72 support level. Buyers are gearing up like it’s the final boss fight, ready to defend this level with everything they’ve got. Because if this support cracks, we’re looking at a full-on bearish head-and-shoulders pattern – —just what every bullish Toncoin HODLer didn’t want for the weekend.
However, there’s a silver lining: this gloomy outlook could be short-lived if Toncoin suddenly finds its mojo and breaks above the moving averages. Something it has already done with an impressive jump to $5.5 over the past 24-hours, after French authorities released Telegram founder, Parvel Durov.
Medium-term Ton Price Prediction
Telegram Mini-Apps Ecosystem
A significant factor propelling TON's growth is the surge of "mini-apps" integrated into various web3 games built directly on the Telegram messenger.
These mini-apps can leverage TON’s open-source software development kit to create web3 products, tapping into Telegram's massive 900 million user base and a market with unlimited advertising channels for monetization.
Pavel Durov, the company’s founder and CEO, has openly backed TON’s integration, urging more developers to utilize the platform and engage with the crypto community.
Projects like Hamster Kombat, which recently announced its upcoming TGE on September 26 and Notcoin (NOT) have already launched their blockchain games directly on TON, effectively bringing them to Telegram's ecosystem.
Save the date for Hamster Kombat's TGE and AirDrop — September 26th!
— Hamster Kombat (@hamster_kombat) August 28, 2024
🚀🐹 pic.twitter.com/Lf8EoPHTE8
This strategy has paid off for both projects. Notcoin airdropped millions to users, while Hamster Kombat attracted over 19 million daily active users in under three months.
After Notcoin launched on May 14 ,2024 , Toncoin jumped to its all time high of $8.1 as exchanges ran to integrate the gaming token for traders to buy and sell.
The same positive pump effect could happen with the launch of Hamster Kombat on September 26, when the biggest airdrop in history will kick off on the TON ecosystem.
HODL Team
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
