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Despite the bearish crypto market, the TON price forecast remains bullish as TON has been performing very well, with the coin increasing by more than 3% in the last 24 hours. However, the coin was bolstered by positive news about the network’s partnership with Telegram.
On the negative side, the recent US Fed rate hike had a negative impact on many cryptocurrencies, which was seen as one of the key factors that kept the Toncoin price from rising further.
Meanwhile, strengthening the US dollar has had little impact on the price of Toncoin. It should be noted that the cryptocurrency market has been in the red since the day, causing many cryptocurrencies to suffer. Toncoin, on the other hand, was able to extend its previous bullish rally.
TON Price Forecast & Tokenomics
Toncoin is worth nearly $1.60, with a 24-hour trading volume of $13 million. Toncoin has gained more than 2% in the last 24 hours; however, it has gained over 11% in the previous seven days.
Toncoin is now ranked 32 on the market, with a live market value of $1.9 billion. There are currently 1,221,401,181 TON coins in circulation, with a total supply of 5,000,000,000 TON coins available.
TON Price Chart – Source: Tradingview
TON is trading slightly higher, particularly above the 50-day moving average, which is providing support near $1.5400. Toncoin could reach $1.4506 if it breaks below this level. A positive breakout of the $1.6853 level might lead to the Ton price reaching $1.7915 or $1.8778.
The RSI and MACD both show a slightly positive bias, so look for buying opportunities around $1.5400 today.
Telegram’s Collaboration with Toncoin Raises Prices
Toncoin prices have been performing extremely well in recent days, aided by the network’s partnership with Telegram. TON announced a collaboration with the messaging service Telegram in a tweet earlier this month. As a result, the platforms will create a market where users can bid on unique usernames.
Presenting Fragment: @telegram’s auction platform based on TON
Telegram usernames are represented on the $TON blockchain as collectibles and will be available on https://t.co/gcCTstolWv
The only currency accepted for auctions is #Toncoin
More: https://t.co/XUUDtKWAJX pic.twitter.com/p2aZ5M9VII
— TON (@ton_blockchain) October 27, 2022
Pavel Durov, Telegram’s CEO and founder, suggested providing unique usernames a few weeks ago. As a result, Telegram will be able to buy and sell usernames on the TON blockchain-based market. As a result, the bullish news has boosted Toncoin prices significantly.
KuCoin Exchange Lists Toncoin – Toncoin Ethereum-BNB Smart Chain Bridge
Toncoin’s gains were bolstered by reports that KuCoin, the world’s fifth-largest cryptocurrency exchange by trading volume, had announced the listing of TON as a tradable asset.
Congrats! Toncoin now listed on Kucoin, a top 5 global exchange@ton_blockchain $TON pic.twitter.com/jInYbEw4H7
— Mint.xyz (@Mint_xyz_) October 27, 2022
In the meantime, the Open Network (TON) is creating a bridge that will transfer value between the Ethereum network and the Binance Smart Chain across chains (BSC). The token bridge is in its final testing stages, according to a tweet from Toncoin.
The Ethereum–BNB Smart Chain bridge is nearing completion.
The $TON Foundation has announced that the development of the crosschain transfer of tokens will soon be completed and that the bridge will officially launch soon.#Toncoin
More: https://t.co/aXmkPqXkki pic.twitter.com/9MLjiLaNEC
— TON (@ton_blockchain) October 26, 2022
Users may be able to transfer any ERC-20 or BEP-20 token from Ethereum to the TON network and vice versa. As a result, the Toncoin price has benefited greatly from this upcoming development.
US Fed Rate Hike Hurts Crypto Market
The Federal Reserve’s hawkish stance caused the global cryptocurrency market to lose momentum and fail to maintain its recent upward trend. The recent 75-bps interest rate increase by the US Federal Reserve had an impact on all cryptocurrencies.
As a result, the market capitalization of all cryptocurrencies may fall even further.
Watch the moment Federal Reserve Chair Jerome Powell announced a 0.75% interest rate hike, the fourth straight increase of this amount. pic.twitter.com/ejyChypZ7S
— The Recount (@therecount) November 2, 2022
Dogecoin (DOGE), Elon Musk’s favorite memecoin, also reversed its upward trend in response to the Federal Reserve’s hawkish role on Thursday. Ethereum (ETH) and Bitcoin (BTC), on the other hand, kept their respective values of $1,500 and $20,000 intact.
As a result, the bearish crypto market and the Federal Reserve’s hawkish stance have had no significant impact on Toncoin prices.
US Dollar Strong Performance
The positive bias toward the US dollar, on the other hand, was a major factor in the decline of cryptocurrencies. The dollar maintained its positive bias and traded well throughout the day as the Fed raised its benchmark funds rate by 75 basis points (bps) to 3.75-4% on Wednesday.
Several cryptocurrencies fell as a result of the stronger US dollar, but Toncoin rose.
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