TON Price Forecast: Pump or Crash? As Toncoin Unveils Bitcoin Cross-Chain Bridge
The Toncoin ecosystem has announced its introduction of the Bitcoin Cross-Chain Bridge. This new feature promises to enhance interoperability between Toncoin and Bitcoin, potentially revolutionizing the way these cryptocurrencies interact. Following this, today’s TON price forecast reveals a 2.1% decline in the last 24 hours despite increased developer activity on the network. The price of TON at press time is $7.17 and the daily trading volume has dropped 25% to $272 million.
TON Price Forecast Still in Uptrend Despite Pullback
The price of TON is trending at the 50-day (green) and above the 200-day (black) simple moving averages (SMA), indicating confirmation that the asset is still in an uptrend. Furthermore, TON price action has been forming higher highs, indicating a rising trend, according to CoinGecko data.
The asset is currently at the bottom boundary of the rising channel, which has historically provided support. TON price is expected to bounce off this support and rise 32% higher to $9.47, establishing a new all-time high.
The TON relative strength index slid below the midpoint and is at 46.9, heading down. This signals that bearish momentum may be increasing. Nevertheless, a support level exists around 40–45 RSI that has been broken only four times in the last 10 months. Given the increasing development and liquidity flowing into Ton blockchain, the RSI is unlikely to go below 40.
The chaikin money flow (CMF) also recently dropped from 0.2 to 0.06 before jumping to 0.1. It signals that the Ton market sentiment is bullish, although the buying pressure may be decreasing.
TON’s moving average convergence divergence (MACD) performed a bearish crossing on July 18, but still remains slightly above the zero level.
TON Price Prepares for Rally Ahead of TON Teleport BTC Bridge Launch
The Open Network is building TON Teleport BTC, a trustless cross-chain bridge to Bitcoin that is scheduled to launch later this year.
Want to unlock new potential for your Bitcoin ₿ on #TON?
Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!
Dive into this thread to learn more
pic.twitter.com/M9gmUElvaJ
— TON
(@ton_blockchain) July 17, 2024
The Ton blockchain will fully back each Bitcoin with real Bitcoin, ensuring security and transparency. This makes BTC a powerful tool for earning rewards on TON.
With TON Teleport BTC, users will be able to engage in DeFi on the network and use BTC on TON DEXs and lending platforms. It will be the equivalent of wrapped BTC (WBTC) on Ethereum.
Tether, the company behind USDT, has been investing largely in the future of TON by supplying liquidity on the network in the form of USDT on TON. With a market cap of $18 billion, Ton blockchain is expected to swell up as more innovations pop up in the ecosystem.
Bottom Line
The announcement of the coming TON Teleport BTC cross-chain bridge has sparked speculation about TON price trajectory. This development could potentially drive increased adoption and utility for TON, supporting a bullish outlook and pushing the TON price forecast toward a new ATH target of $9.47.
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