In an intriguing development within the cryptocurrency landscape, Toncoin (TON) is currently trading at around $1.45 after experiencing a two-month low of $1.42 on Thursday. This decline in price persists despite notable advancements on the network.
The latest major milestone came with the launch of xStocks on the TON blockchain on Thursday. This platform, owned by Kraken, allows users to hold and trade tokenized versions of popular US stocks such as Apple, Tesla, Microsoft, and Nvidia directly in their wallet. Now integrated with TON Wallet, Tonkeeper, and MyTONWallet, xStocks streamlines the trading process by eliminating the necessity for separate brokerage accounts, thereby enhancing user convenience.
With this new feature, users can easily buy, hold, and transfer tokenized stocks, treating them just as simply as they would cryptocurrency transactions. According to the TON Foundation CEO, Max Crown, the launch marks a significant step forward for the adoption of real-world assets in the crypto sphere, delivering tangible financial benefits to everyday users.
However, despite this enthusiastic launch, Toncoin’s price has faced downward pressure, dipping nearly 3% on Thursday. The technical indicators suggest ongoing bearish momentum, with the Relative Strength Index standing at 34, below the neutral mark of 50. Moreover, the Moving Average Convergence Divergence (MACD) has shown a bearish crossover, often a precursor to further price declines.
Further scrutiny of the derivatives market reveals negative funding rates, with the OI-Weighted Funding Rate dropping to -0.011% on Friday. This trend indicates that short sellers are currently paying long position holders, reinforcing the prevailing pessimistic outlook for Toncoin’s price.
For those monitoring Toncoin, trading activity reveals that the long-to-short ratio reached 0.36 on Friday, suggesting that traders anticipate further price falls. A ratio below one typically signals a bearish sentiment among traders. Recent price trends indicate that Toncoin was rejected from the upper trendline of a falling wedge pattern on December 10, which has contributed to a nearly 14% price drop since that point.
If the current trend persists, analysts highlight $1.31 as the next significant support level. Conversely, should there be a recovery, Toncoin could aim to test the 50-day exponential moving average at $1.76.
As xStocks gains traction, it represents the third blockchain to host the tokenized stock service, which has previously been established on Ethereum and Solana. Since launching in late June through a collaboration between Kraken and Backed Finance, xStocks has witnessed rapid growth, accumulating over $180 million in assets on-chain across nearly 50,000 unique wallet addresses.
Kraken’s co-CEO, Arjun Sethi, commented on the significance of this feature, stating that it opens the door for millions of users to access on-chain US equities directly within Telegram. This initiative embodies the overarching promise of tokenization within the financial space.
The feature’s introduction follows an earlier launch of stocks and ETFs on Telegram’s Wallet, which received strong interest in several countries since its unveiling in late October, further indicating a growing demand for integrated finance solutions within the crypto ecosystem.
