Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON
- Toncoin extends recovery as bulls push to reclaim the 50-period EMA on the 4-hour time frame.
- Bitfinex announced on Tuesday the launch of tokenized Gold supported via The Open Network.
- Bitfinex users can now deposit and withdraw tokenized Gold using the TON transport layer and transfer assets across networks.
Toncoin (TON) price offers technical bullish signals on Wednesday, trading at around $2.81 ahead of the American session. The slight uptick in price comes amid a calm cryptocurrency market despite tariff shockwaves as United States (US) President Donald Trump expanded his scope, targeting copper and pharmaceuticals with additional import duties of 50% and up to 200%, respectively.
Meanwhile, key developments within the Toncoin ecosystem relate to the Tuesday announcement of tokenized Gold by Bitfinex, the 15th largest cryptocurrency exchange, with an average daily trading volume of $187 million.
Bitfinex adds support for tokenized Gold via TON
Bitfinex, a cryptocurrency exchange company, has announced the launch of tokenized Gold digital assets under the ticker XAUT0 on The Open Network (TON). According to a press release statement, the new product aims to expand the accessibility of Gold as a digital asset, supported by high-performance, secure and interoperable blockchain infrastructure.
The integration has paved the way for Bitfinex users to deposit and withdraw XAUT0 via the TON transport layer. TON was chosen for its high transaction threshold, which enables secure, low-cost and highly scalable asset transfer across different networks.
Holders of the tokenized Gold assets can now “convert between XAUT0 and XAUT, and vice-versa, at a 1:1 ratio using the platform’s built-in Currency Conversion tool,” as explained in the press release.
“As the blockchain ecosystem matures, we’re proud to offer our customers flexible options for managing and transferring digital assets, now including gold on TON,” Anoush Bhasin, head of listings at Bitfinex, said.
However, there is a caveat for holding XAUT0, as it is not directly issued or redeemable by Tether’s USDT stablecoin.
Interest in the tokenization of real-world assets (RWAs) has been growing tremendously, with blockchains like the XRP Ledger (XRPL), Solana (SOL) and Ondo Finance leading the trend. The launch of tokenized Gold on TON adds to the growing list of blockchains supporting tokenization and bridging the gap between cryptocurrencies and the traditional financial system.
Technical outlook: Toncoin recovery aims for $3.00
Toncoin bulls are nurturing a recovery on Wednesday after retesting support at around $2.72 the previous day. The renewed risk-on sentiment can be attributed to the news around the launch of tokenized Gold and a robust technical structure, as observed on the 4-hour chart below.
Interest in the token remains relatively elevated, with a buy signal from the Moving Average Convergence Divergence (MACD) indicator backing the recovery. This signal occurred when the blue MACD line crossed above the red signal line, encouraging traders to increase exposure.
TON/USDT 4-hour chart
TON currently sits above the 50-period Exponential Moving Average (EMA), in line to provide support at $2.81. The 100-day EMA, currently at $2.84, could cap price action if not broken, especially if traders book early profits.
Other key levels traders would want to monitor include the 200-period EMA at $2.91 and the seller congestion at $3.00, holding about 6.25% above the current price level. Still, below the 50-period EMA at $2.81, the demand zones likely to provide support lie around $2.72, which was tested on Tuesday, and $2.60, probed on June 22.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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