The past week has not been favorable for the majority of cryptocurrency assets, with only four specific digital currencies recording gains. This week, ONDO appreciated by 13.2%, TON increased by 11.3%, PENDLE grew by 6%, and LEO saw a slight uptick of 0.5%. Market Update: A Tough Week for Crypto With Few Standouts The landscape […]
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TON Society announced a proof-of-personhood program targeting Telegram users, who can voluntarily scan their palms in exchange for benefits. The organization allocated 1 million TON for this initiative, distributed among 500 million participants in the next 5 years after completing their palm verification using Humancode’s artificial intelligence (AI) biometric tech. TON Society Announces Digital Identification […]
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Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.
Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month.
Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.
The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:
We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.
Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.
As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively.
Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of $5.30. This surge adds to its impressive 100% price increase over the past 30 days alone.
Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to $234,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.
Furthermore, the TON token is approaching its all-time high (ATH) mark of $5.69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.
However, the token must surpass the significant resistance level of $5.45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.
On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is $5.26. This support level acts as a buffer to prevent a significant downward correction in price.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Buyers have repeatedly tried to maintain the price above $38,000, but the bears have held their ground. Historically, December has been a mixed month. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive. The bulls will try to replicate at least a part of that performance this year.
Entering into the new year, several analysts are bullish on Bitcoin. In a Nov. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.
Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. 29. He said that the marketing team of asset managers whose ETFs are approved will try to convince people to invest in Bitcoin, which could boost adoption. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.
Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The repeated retest of a resistance level tends to weaken it. After several failed attempts, the bulls have kicked the price higher on Dec. 1. This indicates the resumption of the uptrend.
The rally above $37,980 completes an ascending triangle pattern. The BTC/USDT pair could next rise to $40,000, which is again likely to act as a formidable resistance. If this level is scaled, the pair may reach the pattern target of $41,160. The rising moving averages and the relative strength index (RSI) above 65 indicate that bulls are in control.
This optimistic view will be invalidated in the near term if the price turns down and dips below the uptrend line. That could invalidate the bullish setup, pulling the price down to the solid support at $34,800. A break below this level will signal that the bears are back in the game.
Ether (ETH) rebounded off the 20-day EMA ($2,019) on Nov. 30, indicating that buyers are defending the level with vigor.
The bulls will try to push the price to the overhead resistance at $2,200. This remains the key level to keep an eye on in the near term. If buyers bulldoze their way through, the ETH/USDT pair will complete an ascending triangle pattern. This bullish setup has a target objective at $3,400.
The 20-day EMA is the important support on the downside. A break below this level will be the first sign that the bulls are losing their grip. The pair may then decline to the 50-day SMA ($1,874).
BNB (BNB) has been trading inside the tight range between $223 and $239 for the past few days. This shows uncertainty among the bulls and the bears.
The downsloping 20-day EMA ($234) and the RSI in the negative area suggest that the bears are in command. Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from this level, the possibility of a drop below $223 increases. That may start a decline to $203.
Instead, if buyers shove the price above the 20-day EMA, the BNB/USDT pair may rise to $239. A break and close above this level could start a rally toward $265.
XRP (XRP) has been clinging to the 20-day EMA ($0.61) for the past few days. This suggests that every minor dip is being purchased. It enhances the prospects of a break above the 20-day EMA.
If that happens, it will suggest that the advantage has tilted in favor of the bulls. The XRP/USDT pair may rise to $0.64 and later to $0.67. This level may act as a minor roadblock, but if overcome, the pair may touch $0.74.
Contrarily, if buyers fail to propel the price above the 20-day EMA, it will suggest that sellers have flipped the level into resistance. The pair may then descend to the solid support at $0.56.
The bears sold the rally to $62 on Nov. 29 and 30, but they could not sustain Solana (SOL) below $59. This suggests buying at lower levels.
The upsloping 20-day EMA ($55.66) and the RSI in the positive territory indicate that the bulls have the upper hand. That improves the prospects of a rally above $62.10. If that happens, the SOL/USDT pair may reach $68. The bulls will have to defend this level with all their might because a break above it will clear the path for a rally to $100.
The immediate support to watch on the downside is the 20-day EMA. If this level cracks, the pair may tumble to $51. The bears will have to yank the price below this level to start a deeper correction.
Cardano (ADA) has been taking support at the 20-day EMA ($0.37) but the bulls are struggling to start a strong rebound off it. This suggests a lack of demand at higher levels.
The price has been squeezed between the 20-day EMA and the overhead resistance at $0.40. The gradually upsloping 20-day EMA and the RSI above 58 indicate that bulls have an edge. If buyers pierce the overhead resistance at $0.40, the bullish momentum may pick up, and the ADA/USDT pair may jump to $0.42 and subsequently to $0.46.
Contrarily, if the price skids below the 20-day EMA, it will suggest profit-booking by short-term traders. The pair may then slump to $0.34, where the bulls will try to arrest the decline.
Dogecoin (DOGE) has been maintaining above $0.08 for the past four days, indicating that the bulls are not hurrying to book profits.
The rising 20-day EMA ($0.08) and the RSI above 62 indicate that bulls remain in command. Buyers will try to push the price to the psychological resistance of $0.10. There is a minor obstacle at $0.09 but it is likely to be crossed. Sellers are expected to mount a strong defense in the $0.10 to $0.11 zone.
The 20-day EMA is the crucial support to watch out for on the downside. If this level gives way, the DOGE/USDT pair may drop to the 50-day SMA ($0.07).
Related: Bitcoin ETFs, user experience will drive adoption — eToro CEO
Toncoin (TON) has been sustaining above the 20-day EMA ($2.38) for the past few days, but the up-move lacks momentum.
The 20-day EMA continues to slope up gradually, and the RSI is near 55, indicating that the bulls have a slight edge. Buyers will try to propel the price above $2.59 and complete the ascending triangle pattern. This bullish setup has a target objective of $3.58.
On the contrary, a slide below the uptrend line will invalidate the bullish triangle pattern. The failure of a bullish setup is a bearish sign, which could drag the TON/USDT pair toward the next major support at $1.89.
Chainlink’s (LINK) price is getting squeezed between the 20-day EMA ($14.19) and the overhead resistance of $15.40 for the past few days.
The upsloping 20-day EMA and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers overcome the barrier at $15.40, the LINK/USDT pair could climb to $16.60 and thereafter dash toward $18.30.
The first sign of weakness will be a break and close below the 20-day EMA. That could start a decline toward the 61.8% Fibonacci retracement level of $12.83. This level is likely to attract aggressive buying by the bulls.
Buyers pushed Avalanche (AVAX) above the $22 resistance on Dec. 1, indicating strong demand at higher levels.
If the price closes above $22, it will increase the likelihood of a rally to $24.69. Sellers are expected to mount a strong defense at this level because a break above it could open the doors for a potential rally to $28.50.
If bears want to halt the uptrend, they will have to quickly pull the AVAX/USDT pair back below the 20-day EMA ($19.80). That may trigger stops of several short-term traders, resulting in a drop to $18.90.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Animoca will leverage TON Play, a TON-based gaming infrastructure that allows projects to launch directly onto Telegram.
Hong Kong-based gaming venture capitalist Animoca Brands has announced its strategic investment in the TON ecosystem. Following the investment, Animoca became the largest validator of The Open Network (TON) blockchain.
According to emerging reports, the venture capital firm has previously researched the TON ecosystem extensively. Thereafter, it published two study reports detailing the potential of the TON blockchain. The reports highlighted the scalability of TON and its user-friendly apps as critical elements for the community’s growth.
Again, Animoca Brands developed an analytics dashboard to help visualize relevant metrics suggesting TON’s growth. These have all helped in the growth and scaling of third-party gaming and GameFi projects within TON’s ecosystem.
Following the recent investment, TON will enjoy funding, research, and an analytics platform for third-party TON ecosystem applications.
The latest investment into the TON ecosystem will also help Telegram users transit seamlessly from web2 to web3, according to co-founder and executive chairman of Animoca Brands, Yat Siu. With about 800 million active users on Telegram, the growth potential is enormous. Clearly, the strategic partnership will help more individuals transition from web2 to web3.
“This strategic investment in TON is a key part of our broader commitment to help onboard the next million Web3 users,” Siu explained.
While the value of Animoca’s investment is not public, part of the investment was made directly into Toncoin. It was also staked as part of the validator agreement.
According to the Director of Growth at TON Foundation, Justin Hyun, Animoca Brands’ investment will help power the next generation of blockchain games. Thus, the investment will also boost GameFi adoption.
“Together, we will infuse Web3 seamlessly into the daily experiences of Telegram users, particularly in gaming, for a global audience to enjoy,” Hyun noted.
Animoca will leverage TON Play, a TON-based gaming infrastructure that allows projects to launch directly onto Telegram. TON Play will allow Animoca to port some of its 400 Web3 projects directly into Telegram via a web app.
Again, game developers will be able to deliver new and exciting projects via the Telegram Web App and @playdeckbot.
“We’re looking forward to working with the other innovative teams building exciting TON-based games,” Siu said.
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Last week’s rally may have been directly linked to a more recent announcement by the TON Foundation.
Toncoin (TON), the cryptocurrency linked with popular messaging platform Telegram, is arguably the biggest gainer among the top 100 digital assets at the moment. This follows after the token price surged by over 8% overnight, signaling a bullish momentum.
As of publication, TON is up 2.43% on the daily chart and 23.57% on the weekly chart and was seen trading at $2.64, per CoinMarketCap data.
Interestingly, the recent gains have been enough to catapult TON to the list of top cryptocurrencies in terms of their market capitalization. With a market cap of over $9 billion, which is also its highest ever, TON is now ranked 10th on the log. That is after displacing Tron (TRX), whose market cap is just over $8 billion.
Recall that TON first climbed to the top 10 in September. However, that was on the heels of its announcement of a self-custodial digital wallet TON Space, which allows Telegram users to buy, sell, and trade cryptocurrencies directly on the app. Bearing in mind that Telegram boasts over 700 million monthly active users, it was nearly inevitable to see a boost in the coin’s adoption.
Although that rally was short-lived, last week’s rally may have been directly linked to a more recent announcement by the TON Foundation. On October 31, the foundation revealed that it had achieved “the highest transaction speed for a blockchain in the world.” This was during a live performance test of the TON blockchain.
🚀 #TON is now officially the fastest #blockchain in the world, hitting 104,715 transactions per second! ⚡️
Validated and confirmed by @CertiK @CertiKCommunity ✅ pic.twitter.com/V8Q3RUAt5I
— TON 💎 (@ton_blockchain) October 31, 2023
As expected, the news was greeted with great excitement, causing a surge in Toncoin activity.
Additionally, the Dubai International Financial Centre (DIFC) recently approved the use of TON within its special economic zone. This directly translates to giving access to over 4,000 financial institutions to use TON as they deem fit.
In more recent news, Telegram founder Pavel Durov announced this week that he’ll be giving away 10,000 premium Telegram subscriptions to random members of his channel. Barely 24 hours later, Durov shared that he bought the subscriptions for $200,000 worth of Toncoin.
Meanwhile, it is worth mentioning that it hasn’t exactly been a smooth ride for the TON blockchain since it was introduced in 2018. The proof-of-stake-based model project was initially abandoned when the SEC slammed it with a lawsuit in 2020. At the time, the regulator claimed that Telegram violated securities regulations with its 2018 $1.7 billion initial coin offering (ICO).
However, the TON Foundation soon took over the project, launching the Open Network, and generally bringing it back to life. The new network allows Telegram users to make commissionless crypto transfers among themselves. Other than the free transfers, the Open Network also comes with additional features, such as TON Storage and TON Proxy.
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More than 4,300 registered companies operating within the DIFC can now integrate XRP and TON tokens into their virtual asset services.
The Dubai Financial Services Authority (DFSA) has added XRP (XRP) and Toncoin (TON) to the list of tokens that can be legally utilized within the Dubai International Financial Centre (DIFC). Now the total list of approved coins is brought to five, with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) authorized back in 2022.
Recognition by the Dubai International Financial Centre is a significant milestone for tokens that can expand their use. Notably, DIFC is the leading international financial hub in the Middle East, Africa, and South Asia, with more than 4,300 registered companies located in this special economic zone. All those companies operating within the DIFC can now integrate XRP and TON tokens into their virtual asset services.
Back in 2020, Ripple chose the DIFC as the location for its MENA headquarters due to Dubai’s innovation-forward regulations, expansive network, and reputation as a leading global financial center. The region has become one of the key markets for the company, as about 20% of Ripple’s clients are located in the Middle East and North Africa (MENA) region. Amid strong growth in the Middle East, Ripple opened a new office located in the heart of the Dubai International Financial Centre. Besides, the company is bringing Swell Global 2023, the seventh edition of its annual customer conference, to Dubai on November 8th and 9th.
Ripple CEO Brad Garlinghouse commented:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”
For Toncoin, winning approval from DFSA is a breakthrough achievement in its history and a great opportunity to expand its client base.
With its comprehensive approach to crypto industry regulation, DIFC zone pioneers in the digital assets space, offering a robust regulatory framework for crypto and investment tokens.
In 2021, the Dubai Financial Services Authority (DFSA) – an institution that regulates the DIFC zone – introduced the Investment Token Regime for governing digital assets. That was the initial phase of the whole legislation at that time. The key highlights included defining tokens, categorizing them, and introducing custody rules for digital wallets.
In November 2022, DFSA launched the second phase of the Investment Token Regime, providing more clarification and removing potential ambiguities. Firstly, the DFSA expanded its initial list of ‘recognized’ crypto tokens for the DIFC. The list applies to all entities in the DIFC. Once a crypto token is ‘recognized’ by the DFSA, an application for recognition does not need to be made by another entity. Now, XRP and TON are among the recognized tokens.
Secondly, while non-fungible tokens (NFTs) and utility tokens are not covered by DFSA regulation, they have been brought within the remit of the DFSA’s anti-money laundering and counter-terrorist financing regime. Issuers of such tokens (unless their issuance does not exceed a $15,000 de minimis threshold), as well as service providers (such as auction houses, issuance platforms, and safekeeping services), have to be registered with the DFSA as designated non-financial businesses or profession and comply with the associated AML requirements.
The next step will be the introduction of public consultations on other areas including staking, DeFI, and AML / CTF issues such as the travel rule.
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The TON Foundation has formed a strategic partnership with MEXC, aiming to advance global Web3 accessibility and reduce entry barriers.
Decentralized blockchain platform The Open Network (TON), initially designed by Telegram, has recently secured major funding from the crypto exchange MEXC.
Venture Capital arm MEXC Ventures has pumped a total of 8 figures into TON, as per the announcement on Wednesday, October 4. As a result of the funding, TON Foundation has entered into a strategic partnership with MEXC with the goal of promoting global Web3 accessibility and lowering entry barriers.
In this agreement, the MEXC crypto exchange will extend marketing services and promotional efforts for TON-based projects listed on its platform. Additionally, the company plans to introduce a TON collateral lending service and waive trading fees associated with the TON token. Notably, this change will align the cost structure with most other cryptocurrencies on the exchange, as explained by TON Foundation’s Director of Growth, Justin Hyun, in a statement to Cointelegraph.
On the other hand, MEXC Ventures will continue to fund the TON-based mini apps. This will be in addition to the ongoing support of TON-based projects such as the autonomous protocol Megaton Finance and GameFi platforms such as TONPlay, Fanzee and Sonet.
MEXC and the TON Foundation are engaged in discussions about potential funding for a cryptocurrency wallet integrated into the Telegram messenger, as stated by Justin Hyun, Director of Growth at the TON Foundation. With the backing of MEXC Ventures, the TON Foundation has a goal of promoting wider adoption of the Web3 ecosystem within the Telegram messaging platform, added Hyun. He further said:
“The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain. With TON on Telegram, crypto becomes as easy as texting.”
Telegram founder Pavel Durov has consistently highlighted the role of the TON blockchain in Telegram’s potential venture into the Web3 ecosystem. In mid-September, Telegram introduced the TON Wallet as a mini-app, enabling users to access cryptocurrencies like Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly from the app’s interface.
Durov made it clear that the open-source community was behind the development of the TON technology rather than Telegram. Thus, he emphasized that TON Wallet is a third-party application.
Telegram had to discontinue its involvement in TON’s development in 2020 due to a legal dispute with US securities regulators. TON’s investor, MEXC Ventures, is a subsidiary of cryptocurrency exchange MEXC, established in 2018 and registered in the Seychelles.
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Bitcoin has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sept. 11. However, Bitcoin (BTC) is not out of the woods yet.
Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, told Cointelegraph that if the tightening cycle extends, followed by “an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.”
Cryptocurrency traders have also remained cautious. A Bitfinex report shows that the cryptocurrency industry witnessed capital outflows of $55 billion in August. The drop in liquidity has caused isolated events to “have a bigger impact on market movements,” the report added.
Will Bitcoin turn down and retest its pivotal support? Could Bitcoin’s weakness trigger further selling in altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,228 on Sept. 14, indicating that the downside momentum is weakening.
The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, signaling that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for some more time.
If bears want to make a comeback, they will have to quickly pull the price back below the 20-day EMA. Such a move will suggest that higher levels are being sold into. That could result in a retest of the strong support at $24,800.
Ether (ETH) plunged below the $1,550 support on Sept. 11, but the bears could not build upon this strength. This suggests solid buying at lower levels.
The bulls thereafter started a recovery, which has reached the 20-day EMA ($1,638). This level is likely to witness a tough battle between the bulls and the bears. A break and close above the 20-day EMA could trap several aggressive bears, resulting in a short squeeze. That could propel the price to $1,745.
Instead, if the price turns down from the 20-day EMA, it will suggest that the bears remain in command. The sellers will then make another attempt to sink the ETH/USDT pair below $1,550 and resume the downtrend.
BNB (BNB) bounced off the psychological support near $200 on Sept. 12, indicating that the bulls are active at lower levels.
The recovery has reached the 20-day EMA ($215), which is an important level to watch out for. If the BNB/USDT pair turns lower from the current level, it will indicate that the sentiment remains negative and traders are selling on relief rallies. That will increase the risk of a breakdown below $200.
Contrarily, the RSI is forming a positive divergence, indicating that selling pressure could be falling. A rise above the 20-day EMA could open the doors for a retest of the 50-day simple moving average (SMA) at $225.
XRP (XRP) has been trading between $0.41 and $0.56 for the past several days. The price has recovered to the 20-day EMA ($0.50), which is an important level to keep an eye on.
If buyers thrust the price above the 20-day EMA, it will indicate that the selling pressure is reducing. That could start a sustained recovery toward the overhead resistance at $0.56. This level may again act as a roadblock.
If the price turns down from $0.56, it will indicate that the range-bound action may continue for some more time. The next trending move is likely to begin after bulls push the price above $0.56 or bears sink the XRP/USDT pair below $0.41.
The strong selling in Cardano (ADA) pulled the price to $0.24 on Sept. 11, but the bears could not break the crucial support.
The rebound off $0.24 on Sept. 12 reached the 20-day EMA ($0.26) on Sept. 15. This level is likely to witness a tussle between the buyers and sellers. If the ADA/USDT pair turns down sharply from the 20-day EMA, it will indicate that every minor rise is being sold. That could increase the risk of a drop to $0.22.
Contrarily, if buyers shove the price above the 20-day EMA, it will signal the start of a stronger recovery to $0.28.
Dogecoin (DOGE) continues to trade between the 20-day EMA ($0.06) and the solid support at $0.06. This tight-range trading is unlikely to continue for long, and a breakout may happen soon.
If buyers kick the price above the 20-day EMA, it will suggest that the sellers may be losing their grip. That could start a relief rally to the 50-day SMA ($0.07), where the bears are expected to intensify selling.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will enhance the prospects of a break below $0.06. If this support breaks down, the DOGE/USDT pair may plummet to $0.055.
Solana’s SOL (SOL) has been swinging between $14 and $27.12 for the past several months. The price has reached the 20-day EMA ($19.51), where the bears are likely to pose a stiff challenge.
If buyers thrust the price above the 20-day EMA, the SOL/USDT pair could reach the overhead resistance at $22.30. This level may again act as a strong hurdle, but if bulls overcome it, the pair could climb to $27.12.
On the contrary, if the price turns down from the 20-day EMA, it will signal that demand dries up at higher levels. The bears will then try to resume the downtrend and yank the price to the vital support at $14.
Related: Japan to allow startups to raise funds by issuing crypto instead of stocks: Report
Toncoin (TON) snapped back from the 20-day EMA ($1.75) on Sept. 12, indicating that the bulls are viewing the dips as a buying opportunity.
The price reached the first resistance at $1.98 on Sept. 13, where the bears are trying to halt the up move. A minor advantage in favor of the bulls is that they have not ceded ground to the bears. This suggests that the bulls are in no hurry to book profits as they anticipate the up move to continue.
If the $1.98 level is taken out, the TON/USDT pair could reach $2.07. This is an important level for the bears to defend because a break above it could propel the pair to $2.40. On the downside, a slide below the 20-day EMA could tilt the advantage in favor of the bears.
Polkadot’s DOT (DOT) has been trading below the breakdown level of $4.22 for the past few days, which is a negative sign.
The bulls are trying to start a relief rally, but that is likely to face strong selling at $4.22. If the price turns down from the overhead resistance, it will suggest that bears remain in control. The sellers will then try to sink the DOT/USDT pair below $3.90. If they succeed, the pair could collapse to $3.44.
If bulls want to prevent the decline, they will have to push and sustain the price above $4.22. If they do that, it will suggest that the markets have rejected the breakdown. The pair may then attempt a rally to the 50-day SMA ($4.61).
Polygon’s MATIC (MATIC) slipped below the critical support at $0.51 on Sept. 11, but the bears could not maintain the selling pressure. That started a rebound, which is nearing the 20-day EMA ($0.54).
The bears will attempt to stall the recovery at the 20-day EMA and tug the price below $0.50. If they manage to do that, it will signal the resumption of the downtrend. The MATIC/USDT pair could then slump to $0.45.
Although the downsloping moving averages indicate advantage to bears, the positive divergence on the RSI suggests that the bearish momentum may be slowing down. If buyers clear the obstacle at the 20-day EMA, the pair may climb to $0.60.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
When conducting transactions on the TON blockchain, users can include text messages and expect their information to be secure. End-to-end encryption ensures that the messages are not accessible to anyone else.
The TON Foundation has launched end-to-end messaging encryption features on its blockchain. With the added feature, network users can send private messages to one another without any third parties getting access to the information. The launch was announced on July 3 by the TON Foundation, the team currently developing the network.
Originally, TON was created by the Telegram team as an Open network called Telegram Open Network (TON). However, in 2020, Telegram halted the project due to issues with the United States Securities and Exchange Commission.
The source code became freely available to other developers after Telegram’s withdrawal. By 2021, the TON community had grown to around 30,000 users, and the network began using TON Crystals (also known as TON) to reward contributors to the network.
After Telegram‘s departure, TON Labs became the primary developer of the Network. They have continued to work on the project, focusing on improving scalability, transaction throughput, and decentralization to give them an advantage over other Web3 projects.
Beyond the network’s initial features, the newly introduced feature ensures that messages are sent in the most protected manner and are only available to the intended recipients.
When conducting transactions on the TON blockchain, users can include text messages and expect their information to be secure. End-to-end encryption ensures that the messages are not accessible to anyone else, including the developer or the government.
In a press release, the TON Foundation stated that:
“In The Open Network, when sending Toncoin, Jettons, or NFT, you have always been able to include an arbitrary text comment for the recipient. For example, “For coffee” or “Gift! Happy Birthday!”…. With the new update, you can now encrypt text when sending messages with transactions. This feature uses end-to-end encryption, so that only the sender and the recipient can view the message.”
The developers believe that TON’s secure messaging solution could be a reliable communication option in case of a problem affecting traditional communication methods. This indicates that the network is ready to seize any opportune moments that could provide the desired exposure.
It still costs as little as 0.006 TON to transact on the network, and wallets like MyTonWallet and OpenMask already support it. It will also be added to TON mobile and Tonkeeper wallets through future app updates.
Many blockchain solutions are new and are still going through different forms of innovation. The addition of end-to-end encryption to the TON network is a good addition to the blockchain ecosystem, and its network could be a useful option when there is a need for secure messaging functionalities for transactions.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.