- Summary:
- Toncoin Price is on course to register the fourth successive weekly gain, as Telegram links, DeFi and Tap-to-Earn popularity propel it.
Toncoin price defied the decline in the wider cryptocurrency market to rise by 0.8 percent on Thursday, trading at $7.52 at the time of writing. The coin, which is native to The Open Network (TON), has risen by about 5.9 percent in the last week, and is on course to register the fourth successive weekly gain. Notably, the TON network ecosystem has been attracting many developers and investors alike, with most of that success attributed to its links to the social media platform, Telegram.
While the larger crypto market has been blowing hot and cold, Toncoin price has been resilient in its uppside movement. TON has developed a large market in the Tap-to-Earn sector, which has gained massive following in recent weeks, headlined by the success of Telegram-based platform, crypto gaming platform, TapSwap. It has been a rollercoaster year for the TON Network, with Telegram launching an ad revenue sharing program in February and Pantera Capital, the $5 billion AUM investment firm investing in it in May.
Beyond the Telegram ecosystem, the TON network has also risen sharply in the DeFi market. The Total Value Locked in TON DeFi ecosystem has grown from just over $19 million in Mid-February to $535 million as of this writing, according to aggregation site, DeFilLlama. Furthermore, the TVL value has risen by 101 percent in the last month. As the TON chain’s primary token, TON is set to continue growing as more investors flock into the ecosystem.
Technical analysis
The momentum on Toncoin price shows that the buyers are in control. Furthermore, the pivot point will likely be at $7.52, and the upward momentum will likely continue if the price action stays above that mark. The first resistance could come at $7.62, but a break above that level could result in a stronger momentum to test $7.70. Conversely, a move below $7.52 will favour control by the sellers, with the first support likely to be at $7.44. A break below that mark will invalidate the upside narrative and could trigger further downside movement to test $7.37 in extension.
