- TON Foundation announces the upcoming launch of Bitcoin bridge, named TON Teleport BTC/
- The announcement has pushed prices by $1.37 in 24 hrs.
The Telegram-associated Open Network [TON] will launch TON Teleport BTC. The bridge aims to enable the trustless, safe and secure transfer of Bitcoin [BTC] within the Toncoin Network.
As reported by the Toncoin Foundation, the TON teleport BTC is set to offer smooth transfers of bitcoin, thus ensuring that users don’t rely on central intermediaries for activities such as lending.
With the teleport, every BTC bridged over the network will be backed by the actual BTC.
Further, the team developers explained that all transactions will be conducted through smart contracts and will receive validation through the Toncoin blockchain.
This move will ensure lower costs, providing maximum security for users compared to other modes of transactions.
On TON’s X (formerly Twitter) page, the team announced that,
“TON Teleport BTC, planned for launch later this year, is a trustless and secure bridge for seamless Bitcoin transfers to and from #TON. With Toncoin Teleport BTC, you will be able to Engage in DeFi on TON. Use your Bitcoin in Toncoin- DEXs. Lending platforms, and more!.”
Impact on TON
As of this writing, TON was trading at $7.30 after a 1.37% gain on daily charts. The altcoin has experienced the same increase in market cap, sitting at $18.3B at press time, according to CoinMarketCap.
However, the trading volume has declined by 3.87% to $206.7M in two hrs.
According to AMBCrypto’s analysis, TON was testing its resistance with a potential breakout at the time of writing.
The Simple Moving Average (SMA) was at $7.32 while the prices were at $7.30, indicating short-term weakness. However, the prices approaching SMA — which shows slight buying interest — would result in a sustained uptrend.
Source: TradingView
The DMI further confirms this, as the neutral index at 24 sat above the positive index at 18 while the negative index was 14 at press time.
Equally, TON’s Relative Strength Index at 48, after rising from 44 in the last 24 hrs, showed an increase in buying interest. At this level, the RSI shows the market is neutral, without an advantage for either buyers or sellers.
Source: IntoTheBlock
Looking further, AMBCrypto’s analysis of IntoTheBlock showed that TON had a slight surge in large holders inflow from 140k to 179k over the past week. This suggested increased buying interest – a bullish sentiment.
Source: Coinglass
Finally, AMBCrypto’s analysis of Coinglass data showed that Ton had experienced a decline in long-position liquidation and an increase in short-position in the last 24 hrs.
Read Toncoin’s [TON] Price prediction 2024-25
As of this writing, a short position is at $742k, while a long position is at $4.2k. Thus, those betting against the market were losing while long positions continued to hold their position, showing confidence in the altcoin’s future price.
Therefore, if the buying interest increases, Toncoin will break above the significant resistance level around $7.37. If the prices close above this level on daily charts, prices will reach $7.63 in the short term.
