Toncoin’s partnership with Telegram ignited an impressive bull rally.
TON’s price analysis hints at a potential push towards $3.
In the midst of a gloomy bear market, Toncoin, a prominent Layer 1 blockchain, has emerged as a ray of light. Its recent bull rally following the announcement of its collaboration with long-time partner Telegram has garnered the community’s attention. This surge also catapulted Toncoin into the list of the top 10 cryptocurrencies by market capitalization.
The announcement, which unfolded on September 13 during the Token 2049 event, placed the official endorsement of the TON network by Telegram at center stage. It positioned Toncoin as the preferred blockchain for Web3 infrastructure, promising seamless integration with Telegram’s user interface. The effect was immediate, as the bulls charged ahead, propelling TON’s value to surge by a remarkable 41% in just seven days. Today, it hit $2.54, after almost a year.
Notably, Toncoin’s Q3 journey began in the shadow of the bears, but the bulls orchestrated a turnaround, propelling it to the summit of the price charts for 2023, boasting a 90% surge in the past month alone.
However, despite this recent bullish dominance, the TON trading volume has dwindled by 3% in the past 24 hours. It reflects the broader challenges posed by the persistent bear market. It’s worth noting that TON is still 56.76% away from its all-time high, which it reached two years ago.
Will TON Hit $3 Soon?
A closer analysis of TON’s recent price movements provides some valuable insights. The short-term 50-day exponential moving average (EMA) currently hovers at $1.77, signaling a strong bullish trend. Presently, TON is trading at $2.53, with a 4% increase in the past 24 hours. The Relative Strength Index (RSI) stands at 77, indicating overbought conditions.
TON/USDT Daily Price Chart — MA, RSI (Source: TradingView)
If the bulls maintain their current momentum and manage to drive the price above the critical $2.66 level, there’s a high likelihood that TON will continue its rally, setting its sights on the coveted $3 mark. However, caution should be exercised. A dip below the critical support level of $1.95 could lead to a test of the next support level of $1.63.