In the face of market instability, Toncoin‘s cryptocurrency TON recovered strongly, increasing by 18% and reaching a new record high of $7.0. Currently, Toncoin ranks as the eighth largest cryptocurrency by market capitalization, surpassing Dogecoin (DOGE) with a market cap exceeding $24 billion. This price growth follows Toncoin’s collaboration with HasKey.
Toncoin (TON) Price Rally to $10
In simple terms, the value of Toncoin has gained significant traction since March, piquing the interest of industry insiders who believe it’s a cryptocurrency worth keeping an eye on in the near future. To give you an idea of its growth, Toncoin has seen a nearly 35% increase over the last week and an impressive 136% surge during the past month.
Impressively, Toncoin’s value has more than doubled, rising by over 180% since early March. Additionally, there’s been a significant surge in trading activity for Toncoin, with an average increase of over 300% per day over the past week.
The Toncoin price on the technical graph has been moving upwards within an ascending channel. This indicates that buyers have persistently stepped in during price declines, suggesting bullish sentiment.
On the 12th and 13th of April, the bears succeeded in pushing the price beneath the established channel. Yet, the extended wicks on the candlesticks suggest that strong purchasing power existed at the support level. This failure to keep prices suppressed may have encouraged buyers, who are now attempting to lift the price to hit the resistance line near $7.50. Overcoming this barrier could lead to a surge towards $10.
The moving averages are currently rising, while the RSI stays in the positive territory, suggesting that buyers are in control at the moment. However, this bullish perspective may be challenged if the TON/USDT exchange rate undergoes a significant drop and falls below its support level. In such a case, there could be a slide towards the 50-day Simple Moving Average ($4.28).
Key Developments In the Ecosystem
Telegram’s plan for a public offering is driving up Toncoin prices significantly. Last month, Telegram CEO Pavel Durov announced receiving $30 billion in offers for the company.
Additionally, Telegram intends to introduce adverts in channels and compensate channel proprietors with Toncoin. Advertisers can manage the location and financial plan of their ads using Ton-based promotions.
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2024-04-15 08:23