TON Price Hits $7 Following Toncoin Incentive Program – But Is Rally Running Out of Steam?
Is the TON Rally Running out of Steam? | Credit: Getty Images
Key Takeaways
- Toncoin announced a 1 million token incentive program for Telegram users.
- The TON price reached a new all-time high of $7 on April 9.
- Will Toncoin’s incentive program face the same scrutiny as Worldcoin?
Toncoin’s palm-scanning program has drawn comparisons with Worldcoin’s, iris-scanning one, which has faced regulatory challenges since its launch. However, the Toncoin team defended it as a neccessary solution to combat bots, which is much more user friendly that its iris-scanning counterpart.
The TON price reached a new all-time high on April 9, but the rally shows signs of waning momentum. Will the price take a breather before resuming its increase, or will the parabolic increase continue full-steam ahead?
What is Toncoin’s Incentive Program?
A community of developers and contributors building on the TON ecosystem announced an incentive program of 1 million tokens. The tokens will be given to Telegram users who participate in the proof-of-personhood program, verifying their digital identity. At the current price, the rewards amount to $6.84 million
The company states that the goal of this program is to combat the internet’s bot problem and ensure the integrity of online spaces.
🔈 @ton_society has partnered with HumanCode, an innovative AI technology company, to transform the way users verify their identity online!
TON Society offers 1M $TON in incentives for users to verify their identity 💸
Why does this matter? Let’s find out 🧵⬇️ pic.twitter.com/uZPFSXGkmF
— TON 💎 (@ton_blockchain) April 8, 2024
The verification will be done by HumanCode, and the technology will work on any smartphone. It shares some similarities to Worldcoin and their iris-scanning program. The practical change is that Toncoin will do a palm scan to verify their identity.
This then mints a token that cannot be traded to represent this verification. Toncoin suggests the approach is much more user-friendly when compared to that of Worldcoin.
🚀 The Open League’s Pilot Season has led to incredible results!
A huge thank you to all TON Community members for making this happen! 💙💎
Here’s a quick dive into the numbers that speak volumes ⬇️🧵 pic.twitter.com/bVky4m7t6Z
— TON 💎 (@ton_blockchain) April 8, 2024
In other news, Toncoin announced the completion of the pilot season of “The Open League”, a long-term incentive program for TON users which aims to distribute 30 million TON in 3 months.
A comparison of the numbers before and after the season noted that there was a significant increase in active wallets, Total Value Locked, liquidity providers and daily trading volume.
TON Price Prediction: What’s Next After All-Time High?
The TON price has gradually increased since June 2022 in what is likely a five-wave upward movement (black). If so, it is currently in wave three, which has extended. The sub-wave count is given in white.
Presently, TON is likely at the top of the third sub-wave, at the Fib resistance level of $6.60. Due to the sub-wave count, wave three can end at $8.76, having 3.61 times the length of wave one. However, a short-term correction is likely, marking the beginning of sub-wave four.
The daily time frame chart supports the possibility that sub-wave three has ended, since both the RSI and MACD have generated bearish divergences. These divergences identify that a momentum increase has not accompanied the price increase. In turn, they can lead to downward movements.
However, the bearish divergences are not confirmed yet. A rejection from the $6.60 resistance and close below it will be required to confirm them. Then, the TON price could correct toward the 0.382 Fib retracement support level at $5.05 before resuming its upward trend.
Conversely, a daily close above $6.60 will mean the upward movement has extended and can trigger a rally toward $8.75.
TON Could Fall Before Continuing Higher
To conclude, the TON price will likely continue its long-term bullish trend, but it is possible that a short-term drop is in store before the trend continues higher. The success of Toncoin’s Open League and new initiatives such as the proof-of-personhood verification further outline Toncoin’s commitment to developing its ecosystem.
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