Telegram Integrates Ethereum DApps, Potentially Boosting TON Network Adoption

According to Cointelegraph, Telegram's integration of Ethereum Virtual Machine (EVM) decentralized applications (DApps) within its messaging platform is set to enhance user interaction with blockchain technology. This development, marked by the launch of the Tac mainnet, aims to simplify access to DApps for Telegram's one billion users, potentially increasing asset inflows into the TON network by reducing technical barriers for mainstream adoption. The integration could significantly impact Toncoin (TON) as it navigates its current market dynamics. TON has recently surpassed its moving averages and is approaching the downtrend line of a descending triangle pattern. The 20-day exponential moving average, currently at $2.94, is showing an upward trend, while the relative strength index (RSI) has entered positive territory, indicating a favorable position for buyers. However, sellers are anticipated to vigorously defend the downtrend line, as a breach could invalidate the negative setup and propel the TON/USDT pair towards $3.69. Conversely, if the price sharply declines from the downtrend line, it would suggest persistent bearish pressure, potentially keeping the pair within the triangle pattern for an extended period. A decisive move below the $2.75 support level would further empower sellers. In the shorter term, the TON/USDT 4-hour chart reflects a similar bullish sentiment, with both moving averages trending upwards and the RSI remaining positive. Buyers are likely to attempt pushing the price towards the downtrend line, which presents a formidable challenge. Should the price retreat from the downtrend line but rebound off the 20-EMA, it would indicate a bullish outlook, increasing the chances of breaking above the downtrend line. This scenario could see the pair rally to $3.40 and subsequently to $3.50. On the other hand, a decline below the moving averages would suggest weakening bullish momentum, potentially leading the pair to slump to $2.90. This analysis does not constitute investment advice or recommendations. All trading and investment activities involve risk, and readers are encouraged to conduct their own research before making any financial decisions.