Toncoin ecosystem announced the Bitcoin Cross Chain Bridge platform. This new feature aims to enhance interoperability between Toncoin and Bitcoin, potentially revolutionizing the interaction between these cryptocurrencies. Despite increased developer activity, TON price has dropped by 2.1% in the last 24 hours, currently priced at $7.17 with a daily trading volume down by 25% to $272 million.
What’s Happening on the TON Front?
TON price is trading above the 50-day (green) and 200-day (black) simple moving averages (SMA), confirming the asset’s bullish trend. According to CoinGecko data, TON price movement is forming higher levels, indicating an upward trend.
The asset is currently at the lower boundary of the ascending channel, which historically provides support. TON price is expected to rebound from this support and rise by 32% to $9.47, reaching an all-time high.
TON relative strength index has fallen below the midpoint and is moving downward at 46.9. This signals that the bearish momentum might increase. However, there is a support level around 40-45 RSI, which has been broken only four times in the last 10 months. Given the increased funds and liquidity flowing into the TON ecosystem, it is unlikely that the RSI will fall below 40.
Details on the Subject
The Open Network is building TON Teleport BTC, a cross-chain trustless bridge to Bitcoin, planned for release later this year. The TON network will fully back each Bitcoin with real Bitcoin, ensuring security and transparency. This makes Bitcoin a powerful tool for earning rewards on TON.
With TON Teleport BTC, users can enter DeFi on the network and use BTC on TON DEXs and lending platforms. It will be equivalent to Wrapped BTC (WBTC) on Ethereum. The company behind USDT, Tether, is heavily investing in TON’s future by providing liquidity in the form of USDT on the network. With a market cap of $18 billion, the TON network is expected to grow as more innovations emerge in the ecosystem.
The announcement of the upcoming TON Teleport BTC cross-chain bridge has led to speculation about the future of TON price trajectory. This development could potentially increase TON’s adoption and utility, support the bullish outlook, and push the TON price forecast toward a new ATH target of $9.47.
