Toncoin (TON) price reached its highest ranges in nearly a yr as crypto merchants assessed a slew of optimistic updates in its market, together with the latest launch of “Giveaways” on Telegram.
TON is now the Tenth-biggest cryptocurrency, with a market capitalization of over $9 billion — its highest ever.
Telegram CEO buys $200,000 of TON
On Nov. 6, Telegram announced Giveaways, a characteristic that allows channel house owners to randomly distribute prizes amongst their followers.
A day later, Pavel Durov, the CEO of Telegram, used $200,000 value of TON tokens to pay for Telegram Premium subscriptions for 10,000 Telegram customers.
Notably, Durov used TON as a fee technique inside the Giveaways characteristic, at the least for this particular case.
TON’s price has rallied 19.5% for the reason that Giveaways launch, coupled with an increase in its buying and selling volumes, indicating robust shopping for curiosity. As of Nov. 8, the cryptocurrency had touched $2.71, its highest degree in 11 months.
Telegram is the main backer of Toncoin, having integrated a self-custodial wallet into its platform. That has boosted TON’s possibilities of higher adoption amongst Telegram’s 700 million month-to-month lively customers.
Furthermore, Toncoin’s latest partnership with Blockchain.com and its approval within the Dubai International Financial Centre free commerce zone have served as bullish cues for merchants, as proven within the upside price reactions within the chart beneath.
Toncoin price prediction
The Toncoin price chart suggests it’s excessively valued from a technical standpoint.
Notably, TON’s day by day relative energy index has jumped above 70, an overbought area. The RSI’s earlier jumps into overbought zones have resulted in sharp price corrections.
Moreover, TON’s multimonth horizontal resistance vary of $2.60–$2.70 might be powerful to crack. This space has capped the Toncoin token’s a number of upside makes an attempt since December 2022, additional elevating the potential of a bearish reversal within the coming days or even weeks.
Related: Wallet on Telegram chose custody by default to ease onboarding: Wallet COO
If this bearish situation takes form, the draw back goal to watch is at its Q1/2023 assist line, close to $2.22, down 17.5% from present price ranges. This line is close to Toncoin’s multimonth ascending trendline and its 50-day exponential shifting common (50-day EMA; the crimson wave).
Conversely, a decisive shut above the $2.60–$2.70 resistance vary will put TON ready to sort out $2.92 as its subsequent upside goal.
This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.
