The Open Network: TON Price Surged After the Ledger Support News

• 1 Ledger has recently announced that they now support Toncoin (TON).
• 2 The TON coin price has risen more than 80% since the middle of August. 
• 3 The bullish investors are seeking support at the level of $1.93

The Open Network is a decentralized platform where users are not limited to just one blockchain but several elements like TON Blockchain, TON Domain Naming System (DNS), TON Storage, and more. 

Together, they form what is known as the TON Ecosystem. The TON network is designed to create a secure, scalable, and efficient environment for millions of users. 

Toncoin, the network’s native cryptocurrency, plays various roles, including being used for payment, transaction fees, etc. It is also used in staking payment to secure the blockchain and services in decentralized apps (DApps). Toncoin is listed on several exchanges like Kucoin, MEXC, and LBank.

What is ‘Sharding’ and How It Benefits Open Network

TON is built for billions of users. It employs a technique called ‘sharding,’ which divides the network into smaller parts called shards. The network has different shards that handle various tasks, making processing faster and preventing backlogs. To validate every transaction, the TON network employs a Proof of Stake (PoS) mechanism that uses Toncoin.

This mechanism is energy-efficient and rewards validators based on the number of coins they hold. Anyone can join in and stake their Toncoins to earn rewards.

Ledger Announces Support for Toncoin

Hardware wallet provider Ledger recently announced that they now support Toncoin (TON), along with several other cryptocurrencies that are part of The Open Network (TON) ecosystem. 

Now the users can access TON tokens using a highly secure storage solution. The Ledger is the leading manufacturer of cryptocurrency hardware wallets globally.

Carl Anderson, VP of Engineering at Ledger, stated, “The Open Network and Ledger share similar values regarding the right to privacy and the commitment to giving everyone freedom of money. Now, TON users can ensure they have access to uncompromising security and privacy.”

Technical Analysis & Prediction of TON Coin Price 

At the press time, the TON coin price is up by 80% since the bottom formed in August. The current price prediction favors the bears. The bullish investors weekend after they failed to take support from the 50-day EMA and fell till the 150-day EMA. 

However, the bears haven’t given up yet as there is no such significant recovery. The support levels for the TON coin price are $1.93 and $1.68. If the bulls can push the price up, they may face rejections at the levels of $2.68 and 2.88. 

Pivot Levels

Conclusion

Toncoin is the native cryptocurrency of the network and has various uses such as payment, transaction fees, staking, and securing the blockchain. The network can handle billions of users, thanks to its sharding technique. Additionally, Ledger now supports Toncoin, which caused an increase in its price.

Technical Levels

• Support Levels: $1.93 and $1.68.
• Resistance Levels: $2.68 and 2.88. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.