The #TONCOİN price could end the #2024 year on a bullish note and is forecast to be close to $20.
2026 and 2029 could be bearish years for Toncoin.
By 2030, #TONUSDT may be widely used, and the price could reach $55.
Abandoned projects rarely come back to life in the crypto market. But this did not happen with Toncoin, which was placed in the safe hands of independent creators. Surprisingly, the creators, now called the TON Foundation, were able to develop the project to impressive heights.
As a result, Toncoin entered the top ten cryptocurrencies by market capitalization. In this article, you will learn about the history, basics and tokenomics of Toncoin. Apart from this, you will also get price forecasts for the period from 2024 to 2030.
Toncoin (TON) is currently trading at $7.95970438105 and is ranked 9th in #CoinMarketCap by market cap. There are currently 2432903263.27 TON coins in circulation, bringing the total market capitalization to $19365190763.3.
Over the past 24 hours, Toncoin has increased by 0.95%. Looking at the past week, the coin has increased by 11.68%.
What is Toncoin (TON)?
For the first time, Toncoin was abandoned, despite the fact that it was developed in 2018. But the TON Foundation picked it up and renamed it from “Telegram Open Network” to “The Open Network”. This happened because Telegram founder Pavel Durov left the project and handed it over to independent developers.
For those unfamiliar, Toncoin is a decentralized layer 1 blockchain whose original idea was to allow users to seamlessly buy, sell, and store funds.
But since the Ton Foundations took over, the mantra has changed. Thanks to Proof-of-Stake (PoS) consensus, #toncoin now enables instant payments with fully decentralized storage and Domain Name System (DNS). With DNS, clients can access the blockchain and traditional websites can operate online.
As of 2021, the number of Toncoin transactions per second was around 55,000. But at the time of publication, the number has increased to hundreds of thousands. The use case for Toncoin has expanded as the network offers the TON wallet. This wallet can be custodial or non-custodial.
Toncoin (TON) Market Status
At the time of writing this article, the price of TON is $7.08. This value has increased by 9.53% over the past 24 hours. Over the past 30 days, the cost of TON has increased by almost 100%. This has helped push the market cap higher than Dogecoin (DOGE) and Cardano (ADA).
At the time of publication, Toncoin's market capitalization was $24.51 billion. In addition to market capitalization, TON trading volume has exceeded $600 million, indicating high interest in the token. Regarding the supply, Coin Edition can confirm that there are 5.10 billion tokens, of which 3.47 billion were in circulation.
TON can be purchased on various exchanges. Some of them include Gate.io, Bybit, KuCoin, MEXC and Uniswap V3.
Toncoin (TON) price analysis
There's no denying that TON has been putting on an impressive show for a while now. However, this does not mean that the token price will continue to follow the same dynamics. While this is possible, it is important to consider this possibility from a technical perspective. In this section, Coin Edition looks at TON's short-term potential and price forecast for the period from 2024 to 2030.
Toncoin (TON) Price Analysis – Bollinger Bands
Based on the 4-hour chart, TON appeared to have a clear path to $7.50. On April 14, the token was oversold based on Bollinger bands (BB). At that time, the BB lower bands reached TON at $5.86.
However, bulls were able to capitalize on this fortune as the price topped $7. At the time of publication, BB indicated that volatility has decreased and TON may not experience significant price fluctuations on short positions.
From a bullish perspective, the token price could reach $7.53. However, if traders decide to take profits, the price of TON could fall below $6.
Toncoin (TON) Price Analysis – Relative Strength Index (RSI)
Interestingly, the Relative Strength Index (RSI) showed similar signs to the Bollinger Bands. At the time of writing this article, the RSI reading is 59.13, indicating increased buying momentum.
If the buying momentum continues to rise, the price of TON may also rise. However, signals displayed by the RSI indicated that the token could rise above $7.53. If this is the case and TON does not face any resistance, the price could soon reach $8.20.