Toncoin Eyes Comeback as Bitfinex Launches Tokenized Gold on TON — Is a Bullish Breakout Brewing?
Bulls seek to recapture 4-hour 50-period EMA as Toncoin continues comeback.
Tuesday saw Bitfinex debut tokenized Gold powered by The Open Network.
Technical optimistic indications were seen on Wednesday as Toncoin (TON) traded around $2.81 before the American session.
The Toncoin ecosystem saw Bitfinex, the 15th biggest cryptocurrency exchange with an average daily trading volume of $187 million, introduce tokenized Gold on Tuesday.
On The Open Network (TON), Bitfinex launched tokenized Gold digital assets under the ticker XAUT0. A press release states that the new solution will increase Gold's digital asset accessibility via high-performance, secure, and interoperable blockchain technology.
Bitfinex customers may deposit and withdraw XAUT0 over the TON transport layer after integration. TON was selected for its high transaction threshold, which allows safe, low-cost, and scalable asset transfer across networks.
According to the news announcement, tokenized Gold holders may “convert between XAUT0 and XAUT, and vice-versa, at a 1:1 ratio using the platform’s built-in Currency Conversion tool.”
“As the blockchain ecosystem matures, we're proud to offer our customers flexible options for managing and transferring digital assets, now including gold on TON
The USDT stablecoin does not issue or redeem XAUT0, hence owning it has a catch.
RWA tokenization is increasing rapidly, with blockchains like XRP Ledger (XRPL), Solana (SOL), and Ondo Finance leading the way. Tokenized Gold on TON joins the increasing number of blockchains allowing tokenization and linking cryptocurrencies and conventional finance.
Toncoin bulls are recovering after retesting support at $2.72 on Tuesday.
Traders should also watch the 200-period EMA at $2.91 and selling congestion at $3.00, 6.25% above the current price. Still, below the 50-period EMA at $2.81, demand zones anticipated to support are $2.72, tested Tuesday, and $2.60, tested June 22.