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TON Price Hits $7 Following Toncoin Incentive Program – But Is Rally Running Out of Steam?

Published April 9, 2024 12:19 PM
Valdrin Tahiri
Published April 9, 2024 12:19 PM

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.


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.

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.

TON Price Reaches New All-Time High
TON/USDT 3-Day Chart | Credit: TradingView

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.

TON Price Future Trend's Directoin
TON/USDT Daily Chart | Credit: TradingView

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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