Toncoin has recently demonstrated notable outperformance in the cryptocurrency market, which overall increased by 15% in the same period.
This performance is indicative of Toncoin’s strong and specific growth catalysts, despite its general alignment with the broader crypto trends.
As we approach the launch of Notcoin, a new play-to-earn game, on May 16, Toncoin’s price has seen a significant increase.
Notcoin, which will be integrated within the Telegram app, is a social clicking game where players interact with a bot and are encouraged to invite others to join.
The game centers on players tapping a golden coin to earn ‘Notcoin,’ a virtual currency. This engaging format has already attracted over 34.5 million players involved in the “mining” of Notcoin tokens.
In line with this, the Notcoin team plans to airdrop a new native cryptocurrency, NOT, to its 34.5 million token holders, which will be operational on the TON Blockchain from May 16.
This blockchain is a part of the Open Network’s layer 1 proof-of-stake (PoS) ecosystem. Additionally, NOT is set to begin trading on prominent crypto exchanges like Binance and Bybit on the same day.
The anticipation surrounding the NOT launch has sparked a rise in the total value locked (TVL) on the TON blockchain, reaching 40.58 million TON by May 10, marking a 33% increase within the month and a sevenfold growth throughout 2024.
This increase highlights the robust demand for Toncoin.
This rising demand coincides with the recent integration of Tether (USDT) stablecoins on the TON blockchain.
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Furthermore, an investment from Pantera Capital in the Open Network—citing the April integration with the Telegram messaging service as a key reason—has propelled Toncoin’s value further.
This partnership has the potential to position the Open Network among the largest crypto networks, especially considering Telegram’s vast user base of 900 million monthly users.
Since these developments, Toncoin’s value has surged by approximately 46%, demonstrating a positive market reaction to these strategic enhancements.
The cryptocurrency’s resilience is also evident from its recovery points, notably after reaching a key support confluence involving an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci level, highlighted by a red circle on related charts.
Moreover, a similar resurgence in TON’s price occurred following a drop in the daily relative strength index (RSI) to 37.45, a reminder of a comparable recovery in February.
These indicators, alongside the fractal analysis of Toncoin’s price behaviors around these support levels, suggest potential upward movement.
Predictions indicate that TON’s price could climb over 20% in May, testing resistance at the 0.236 Fibonacci line at $7.17 and potentially reaching the 0.0 Fib line at approximately $8.77.
Conversely, a pullback could see prices descending toward $6.19 and possibly further to $5.40, aligning with the ascending trendline and the 0.5 Fib line.
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