Altcoins
Toncoin (TON) Price Expected to Reach $10 Due to Growing Web3 Developments
The cryptocurrency industry has seen increased volatility in recent weeks, fueled by increased speculation and significant on-chain whale activity. The altcoin industry has attracted considerable attention amid the upcoming listing of Ethereum spot ETFs in the United States next week.
The Toncoin Price Dilemma
The Telegram-based Toncoin (TON) project remains largely disconnected from the rest of the crypto industry. Since March, Toncoin’s price has been experiencing higher weekly highs and lows, which is characteristic of an upward trend.
However, the TON price uptrend may be coming to an end as the weekly Relative Strength Index (RSI) forms a bearish divergence amid a possible double top.
If Toncoin price continues in an upcoming correction mode, the altcoin will find a support level around $5.7, which coincides with the daily Fibonacci extension of 1.618.
At the same time, the upcoming listing of Ether spot ETFs in the US next week could trigger a new rally in altcoins, including TON. In such a scenario, TON price must consistently close above $8.1 to invalidate a possible correction in the following weeks.
Growing development of Web3
The Toncoin network has become a leading Web3 ecosystem, with over $751 million locked across dozens of DeFi protocols. Since the strategic partnership with stablecoin issuer Tether, the Toncoin ecosystem has seen its stablecoin market cap rise to approximately $579 million at the time of writing.
In the latest developments, OKX wallet announced that it has successfully integrated with the Toncoin blockchain to allow users to seamlessly transfer, exchange, and manage TON coin and its associated tokens such as Notcoin (NOT).