The Toncoin ecosystem has introduced a Bitcoin Cross Chain Bridge, aiming to bolster the interoperability between Toncoin and Bitcoin. This innovative feature is expected to significantly enhance the interaction between the two cryptocurrencies. Despite increased developer activity, the price of TON has dropped by 2.1% over the past 24 hours, currently standing at $7.17. Additionally, its daily trading volume has seen a 25% decrease, now at $272 million.
Which Developments Impact TON’s Price?
TON’s price is maintaining a bullish trend, trading above both the 50-day and 200-day simple moving averages. Data from CoinGecko indicates that the price movement is forming higher levels, suggesting an upward trajectory. Currently, TON is at the lower boundary of its ascending channel, a historical support point, with expectations for a 32% rise to $9.47, potentially achieving an all-time high.
The relative strength index (RSI) for TON has dipped below the midpoint, currently at 46.9, indicating potential bearish momentum. However, the support level around 40-45 RSI has only been breached four times in the past 10 months. Given the increased funds and liquidity in the TON ecosystem, it is unlikely that the RSI will fall below 40.
How Will TON Teleport BTC Work?
The Open Network is developing TON Teleport BTC, a trustless cross-chain bridge to Bitcoin, set for release later this year. Each Bitcoin on the TON network will be fully backed by real Bitcoin, ensuring both security and transparency. This will enable users to leverage Bitcoin for rewards within the TON ecosystem.
With TON Teleport BTC, users will be able to participate in DeFi on the TON network, using BTC on TON decentralized exchanges and lending platforms. This functionality will be similar to Wrapped BTC (WBTC) on Ethereum. Tether, the company behind USDT, is significantly investing in TON by providing liquidity in USDT. As TON’s market cap stands at $18 billion, further innovations are anticipated to drive growth within the ecosystem.
Key Inferences
– TON’s current bullish trend is supported by its position above key moving averages.
– The introduction of TON Teleport BTC is expected to enhance DeFi participation using Bitcoin.
– Tether’s investment in TON adds significant liquidity, potentially driving future growth.
The announcement of the TON Teleport BTC cross-chain bridge has led to optimistic speculation regarding TON’s price trajectory. This development is anticipated to boost TON’s adoption and utility, supporting the bullish outlook and pushing the price forecast towards a new all-time high target of $9.47.