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Toncoin Price Prediction – This is Why TON Price Pumped 20% And There’s More Upside to Come

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Toncoin has gained over 40% in the last seven days but has given up most of its gains due to profit-taking. Toncoin price prediction remains bullish, particularly above the $1.5955 support level. In a tweet on October 21, TON blockchain announced that it would collaborate with messaging app Telegram to create an online auction for unique usernames. Pavel Durov, the creator and CEO of Telegram, proposed the idea of providing unique and memorable usernames a few weeks ago.

On the TON blockchain-based market, users could buy and sell these usernames.

Telegram Usernames claims that the development process is complete and that the auction site will be operational soon. It encourages users to claim ownership of the most valuable usernames in the TON blockchain’s immutable record. TON recently held an auction for domain/wallet names. Casino.ton sold for more than $244K, while Wallet.ton sold for 215,250 Toncoin, or approximately $260,000.

According to Pavel Durov, Telegram has 700 million users. As a result, it is likely to produce positive results. He intends to auction off usernames, groups, and channel URLs. Furthermore, the proposal includes the sale of all four-letter usernames.

The TON/USD price rises as a result of the announcement. The volume of trade has increased by more than 380%. It demonstrates traders’ interest, as Telegram intends to reserve and sell unique usernames. Furthermore, Telegram unveiled a TON-based functionality that allows users to buy and sell cryptocurrencies to others.

Toncoin, The Open Network

The Open Network (TON) is a user-friendly, service-provider-friendly platform that allows blockchain projects to be more secure, faster, and scalable. The TON blockchain’s Proof-of-Stake (PoS) consensus method allows mining using written smart contracts based on the concepts of the Proof-Of-Work (PoW) consensus mechanism.

There are 5 billion TON tokens in total circulation. According to Telegram’s architecture, TON is a decentralized layer-1 blockchain that connects billions of users to the cryptocurrency market. Toncoin can be used to create user-friendly apps, pay transaction fees, and stake to protect the blockchain and payment services (TON). Toncoin (TON) is creating a blockchain that can handle many transactions, making it suitable for everyday use.

TON is ideal for businesses because it is a high-performance blockchain capable of handling complex transactions. Toncoin is expected to succeed due to its innovative ideas, which significantly impact the price of TON/USD.

Toncoin Price Prediction & Tokenomics

The TON/USD pair opened the day on October 27 at $1.6432, with a high of $1.6848 and a low of $1.6000. It is ranked #31 on Coinmarketcap, with a live market cap of $2.2 billion. It has a circulating supply of 1,221,401,181 TON coins and a max. supply of 5,000,000,000 TON coins.

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Toncoin Price & Tokenomics : Source: Coinmarketcap

The TON/USD pair is gaining immediate support near the $1.5955 level on the technical front. The closing of Doji and Spinning top candles above this level increases the likelihood of a bullish reversal. On the upside, TON may encounter immediate resistance at the $1.7800 level, and a break above this could lead to a price of $1.995.

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Toncoin Price Chart – Source: Tradingview

On the other hand, a break below the $1.5955 level could extend the downtrend to the $1.4570 level. The 50-day moving average is likely to provide additional support near $1.5250. So, keep an eye on the $1.5955 level for a buy position above it and a sell position below it.

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