Toncoin price has struggled in a low volatility week, recording a 3.2% drop in the last 24 hours. The bearish momentum towards a $5 drop could be due to geopolitical tensions in the Middle East or the looming death cross between major EMAs. Can TON buyers attract resistance amid the newly launched ‘Gifts’ feature on Telegram?
Could Telegram's Gifting Feature Trigger Toncoin Price Surge to $8?
Telegram CEO Pavel Durov has announced an exciting new “Gifts” feature for the platform, which allows users to send digital gifts to friends and family. Received gifts can be displayed on their profiles or exchanged for Telegram’s cryptocurrency ‘Stars’.
These stars can be used to support creators and purchase services within small apps.
Additionally, some of the gifts will be limited in quantity, adding to the exclusivity of the items. Durov’s blog mentions that these limited-edition gifts will be convertible into TON-based NFTs later this year. Users will be able to bid on and trade these tokenized gifts outside of Telegram, with ownership secured on the blockchain.
Additionally, Telegram introduced verification codes, improved reporting interface, and redesigned video chat on iOS, showing their efforts to improve user experience.
These developments could significantly boost the transaction volume in the TON network and accelerate the recovery of Toncoin price.
According to DefiLlama, TON's Total Locked Volume jumped from $317.2 million to $404 million in September, representing a 30% increase. The increase signals investors locking their assets in TON's Decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.
EMA Death Crossover Puts TON at Risk of 11% Downside
Amid the escalating conflict between Israel and Iran, Toncoin price saw a sharp reversal from $6.13 to $5.2—a loss of 15%. This pullback marked another bearish reversal from a multi-month resistance trendline, suggesting that the sell-then-bounce sentiment remains intact.
With a potential death cross between the 50-day and 200-day Exponential Moving Averages (EMAs) looming, TON price may have dropped to the $5 support level. This potential breakdown could push the asset down 11% to test the $4.6 level.
Conversely, if buyers reverse the upper trendline into potential support, Toncoin price could sustainably recover to $7.26, followed by a high of $8.2.
