Toncoin price has experienced a heightened resistance range between $8 and $8.25, despite a notable growth of the TON’s Web3 ecosystem.
Amid the ongoing crypto correction, Toncoin (TON), a fast-growing layer one (L1) blockchain backed by Telegram messenger, has faced significant bearish sentiments. The large-cap altcoin, with a fully diluted valuation of about $33 billion, closed last month with a bearish outlook after experiencing significant resistance at its all-time high, around $8.25.
Notably, Toncoin price has been forming a macro reversal pattern after registering palpable gains earlier this year. From a technical standpoint, the TON price has formed a daily double top coupled with bearish divergence on the Relative Strength Index (RSI).
Toncoin Ecosystem Grows Ecosystem
As Coinspeaker reported in the past, the Toncoin ecosystem has grown to a vibrant Web3 ecosystem backed by the Telegram community. For instance, Hamster Kombat, a popular tap-to-earn game on the TON blockchain that leverages the Telegram platform, recently reached a milestone of 300 million players.
According to market data provided by Defillama, the TON network has a total value locked (TVL) of about $759 million and a stablecoins market cap of around $619 million.
The strategic partnership between the Toncoin project with Tether (USDT) has helped significantly increase its stablecoins market.
In the latest update, Tether announced that the USDT stablecoins on the Toncoin network are now available on CitiPay, a global networking platform.
In a bid to foster sustainable Web3 development, the TON network has sponsored dozens of projects in its grant programs and the Open League. Notably, the Open League is a long-term incentive program geared to facilitating the mainstream adoption of Toncoin.
Some of the top-performing Web3 projects based on the TON network include STON.fi and DeDust DEXes. Remarkably, the TON network has also attracted multi-chain DeFi protocols led by Cygnus Finance and Bridgers DEX.
Furthermore, the future of blockchain technology will largely be determined by the ease of interoperability at scale.
Meanwhile, Tonstakers, a liquid staking protocol based on the TON blockchain, recently announced the official launch of token staking. Consequently, TON blockchain users can now earn high APR through staking the various tokens including Notcoin (NOT).
🔈 @tonstakers has launched token staking!
Now, you can earn rewards with high APR by staking tokens from various #TON projects, with more tokens being added soon. 🔜
Getting started is easy: simply stake the project's token to earn rewards — no need for trading pairs or… pic.twitter.com/gMSZ6ECuiJ
— TON 💎 (@ton_blockchain) August 1, 2024
Market Picture and Midterm TON Price Expectations
The Toncoin ecosystem has been competing with other layer-one blockchains – led by Solana (SOL), and Ethereum (ETH) – for the same global market. Nonetheless, the Toncoin project is determined to leverage the more than 900 million Telegram users to thrive in the coming years.
The TON price could retrace in the coming weeks before continuing with the macro bullish outlook.
Moreover, historical data shows that August is mostly a bearish month for the entire crypto industry.
From a technical standpoint, the TON price could find a solid support range between $3.8 and $4.6, which coincides with the weekly 0.618 and 0.5 Fibonacci Retracement.
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