Toncoin Animoca Brands Partnership Fails To Negate Bearish Risk
NOIDA (CoinChapter.com)— Animoca Brands’ Mocaverse has partnered with the MOCA Foundation and The Open Network (TON) Foundation to implement an identity and reputation-based consumer network.
The partnership comes at a critical time for Toncoin, which faces bearish signals from a technical setup and recent price action. The TON to USD and the TON to INR trading pairs have been on a downtrend since July 16.
Animoca And Toncoin Partnership Aims To Boost User Engagement
The collaboration aims to establish an identity and reputation-based consumer network across the Moca Network and TON Blockchain ecosystems. To incentivize ecosystem growth and user cross-pollination, the firms executed a foundation-level token swap agreement between MOCA Coin (priced at $0.113) and Toncoin.
Furthermore, the partnership would leverage go-to-market and token resources to boost user engagement and interoperability. Key initiatives include integrating Mocaverse’s decentralized identifier (Moca ID) with TON Blockchain’s reputation system and enhancing user interaction within both ecosystems.
Moreover, the partnership would integrate the Realm Network SDK into TON Blockchain to serve as the central reputation source.
Mocaverse, MOCA Foundation, and TON Foundation plan to launch co-branded hackathons and an accelerator to attract developers. Additionally, MOCA Coin and Toncoin, valued at $20 million, will incentivize developer and user adoption through joint airdrops.
Additionally, the partnership aims to onboard users into a combined identity and reputation system, leveraging Animoca Brands’ extensive ecosystem and Telegram’s vast user base.
Bearish Risks For TON From Technical Setup
Meanwhile, the TONUSD pair faces bearish risks from a technical setup called the ‘rising wedge.‘
The rising wedge pattern signals a potential reversal in the current trend. Identified by two upward-sloping lines converging towards each other, the resistance line ascends at a gentler slope than the support line.
The pattern forms during an upward trend with a series of higher highs and higher lows, indicating reduced buying momentum. As the wedge progresses, the distance between the resistance and support lines decreases, showing weakening momentum.
Typically, the rising wedge leads to a downward breakout. The price breaks below the support line, often with increased trading volume, signaling strong selling pressure.
Traders calculate the price target for the pattern by measuring the vertical distance between the initial high and low points of the wedge and subtracting this from the breakout point.
Per the rules of technical analysis, if the Toncoin price breaks below the bearish pattern, the TONUSD pair might fall to the theoretical price target near $3.8, a drop of over 45% from current levels
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