Toncoin (TON) Reaches Critical Support Level, Telegram Growth Hub Announcement Raises Optimism

The price of Toncoin (TON) has reached a critical support level, raising optimism about a potential upsurge. The current dynamics in TON's price

The price of Toncoin (TON) has reached a critical support level, sparking optimism about a potential upsurge. This comes amid the announcement of a Telegram Growth Hub, which could boost The Open Network, the protocol fueling the TON price.

Meanwhile, CryptoQuant, a leading on-chain data and analytics provider, is offering insights into TON’s long-term valuation trend using the Price Heat Map. This visual tool, useful for evaluating the risk/reward ratio, computes the one-year moving average and its multipliers.

On the daily time frame, TON’s price is trading in a downtrend. However, a closer examination reveals that TON’s recent price movement has only dropped below this level during bear markets. Given that the market is bullish, this support level provides a good risk/reward ratio for long-term investing.

The Price Heat Map shows that TON’s price has dropped below the one-year moving average (orange trend), which is a bearish sign. But, a closer look at the daily time frame reveals that TON’s recent price movement has only reached this level during bear markets. Considering the bullish market conditions, this support provides a favorable opportunity for long-term investors.

An analyst at CryptoQuant also noted that TON’s price may not remain at the one-year moving average levels for long. This zone could be considered a desirable opportunity to accumulate the digital currency.

On the other hand, the price movements suggest a noticeable decrease in the asset’s volatility, which could benefit investors using a DCA (Dollar-Cost Averaging) approach with less risk.

Moreover, TON’s price movements are within a relatively “cool” zone, indicating a substantial price decrease from its peak. This could provide investors with a better risk/reward ratio for long-term investing, especially if the price reaches Sigma8, which could yield a high-profit margin.

In a parallel development, OKX Ventures, The Open Platform, and Folius Ventures are joining forces to launch a $10 million Telegram Growth Hub. This initiative aims to boost innovation within The Open Network (TON) blockchain and increase activity within Telegram’s mini-app ecosystem.

The Telegram Growth Hub will select ten promising projects for a two-month acceleration program. Selected teams will be eligible for financing from the $10 million pool to help them attract skilled professionals and build vibrant communities around their projects. Applications for the Hub are open until November 29, 2024.

For developers working with TON, OKX will provide a suite of developer tools, including OKX Connect, to facilitate wallet integration. Furthermore, the Hub will connect selected teams with OKX, TOP, and Folius Ventures experts to provide guidance and marketing support.

As a decentralized blockchain protocol, TON has recorded outstanding growth since its launch. At the time of writing, the TON price was pegged at $4.96 with a 1.48% decrease over the past 24 hours. The daily trading volume amounted to $228 million, indicating a 24.9% increase.

Integrable with Telegram, TON has facilitated the creation of clicker games, driving adoption and enabling creators to monetize their projects. Recently, Toncoin airdrops, including Hamster Kombat, Catizen, Rocky Rabbit, and WatBird, among others, have helped push TON into the top 10 most valuable currencies.

In addition to clicker games, TON also supports Decentralized Finance (DeFi) protocols, Non-Fungible Tokens (NFTs), and decentralized exchanges. Partnerships with businesses and content creators are further expanding Toncoin’s use cases.

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