Telegram Coin Enters The Top 10 Cryptos: What’s The Toncoin Price Prediction in 2024?

Amid the ongoing crypto market frenzy, where most coins reached new all-time highs and broke new records, one coin caught the attention of investors and speculators for its unexpected performance as Toncoin entered the top 10 cryptocurrencies list.

Telegram’s cryptocurrency, Toncoin, easily qualifies as one of the best altcoins in 2024 after outperforming AVAX and ADA. The Telegram Toncoin price news is not a sudden surge, but it is a result of a steady increase that started at the end of February.

So, what drives this coin surge? And for how long will it last? Let’s highlight the outstanding crypto performance and the projected Toncoin price prediction.

Introducing: Telegram Coin

Toncoin was developed by the encrypted messaging application Telegram as the network’s first crypto investment in 2018. The coin faced administrative reforms that changed the name from “Telegram Open Network” to “The Open Network.”

This change removed the commercial-based infrastructure behind the cryptocurrency and focused on becoming an open-source network. Toncoin is a layer-1 community-based blockchain that facilitates quick and safe transactions using its TON coin.

Toncoin News in 2024

After the 2021 crypto market boom that drove the coin over $4.5, Toncoin has traded around the $2 mark for two years with controlled volatility.

By the end of February 2024, as the first spark of a new bullish market was fired, Toncoin started an upward trend that took the Telegram Toncoin price over $7 in April 2024 for the first time.

Despite a few dips along the road to the new record price, TON broke its all-time high within the first two weeks of March. Toncoin closed March with 125% growth in one month when the coin reached $5 for the first time.

The bull run continued breaking records in April as the coin, for the first time, reached $6 and then $7 within the first week of April, sitting now at $7.2 by the time of writing.

What Affects The Toncoin Price Today?

Despite the lack of a clear-cut milestone that spurred the coin price surge, the sharpest daily price jump happened on April 8th, when “The Open Network” community announced a strategic partnership with HumanCode AI.

This step aimed to boost the coin’s utility by introducing a palm recognition ID verification based on blockchain technology. This feature attracted more users to one of the best altcoins to invest in 2024 as the coin adopted an innovative technology that drives secure and transparent transactions.

Additionally, the trading volume and market capitalization have increased phenomenally, standing at $24.9 billion on April 12th, which is incomparable to its 2022 record of $5 billion.

Analysing Toncoin Price Chart

Let’s take a look at the TON price chart and analyse the long-term and short-term changes and market movement in an attempt to predict future price trends.

For this, we use the exponential moving average indicator over three timelines: 50 days, 100 days, and 200 days.

Short-term Changes

We start the Toncoin forecast by using the 50-day and 100-day EMA lines. Here, we see that both lines were moving just over and under the market price, almost consistently around the $2 mark since Q3 2023.

However, as March 2024 started and the price started its uptrend, the 50-day line (in blue) started diverging above the 100-day line (in yellow), marking a short-term price growth.

This was proved by consistent price jumps that faced a few declines on the way, more prominently on March 14-18. However, we can barely see a similar dip in the EMA line as the blue line continued growing.

Long-Term Changes

We couple the previous analysis by replacing the 100-EMA line with the 200-day EMA to track the long-term trends. Here we see even a larger deviation between the 50-day and the 200-day, highlight the prolonged price affects, suggesting the potential for a continued Toncoin bull run.

Toncoin Price Prediction 2024

On April 12th, the community-based blockchain announced a new airdrop, fuelling the bullish movement and rewarding meme coin traders and Toncoin investors with a pool of $2.2 million worth of TON cryptos.

This announcement is speculated to reiterate price growth after a tiny decline on April 12th, as the developer team attempts to attract more investors and promote the coin’s use cases. This can largely spur Toncoin price prediction as traders buckle up for a new bull run that takes the coin to a new milestone, probably beyond the $10 price mark.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies, including meme coins, carries ingrained risks, and individuals should conduct their own research before making any investment decisions.