Crypto News– Toncoin (TON), which is the native cryptocurrency of The Open Network, has been on quite the price rally lately, all thanks to its recent partnership with Telegram. TON’s price has surged impressively to $2.50, and it seems like it’s aiming for the next big milestone, which is the $3 mark.
TON Coin Price Target: 3 Dollars as Toncoin Overtakes Solana in Latest Bull Run
As of now, TON is trading at $2.38, showing a remarkable 12.21% increase, and its market cap has climbed to $8.2 billion. This surge has made Toncoin the ninth-largest cryptocurrency by market cap, even surpassing Solana. If this upward momentum continues, TON might challenge Cardano’s position in the ongoing surge.
Over the past week, TON’s price has seen a significant 35% surge, and it has gained a whopping 66% over the last month. If the bullish trend can push the price past the $2.66 resistance level, there’s a good chance it could reach that coveted $3 milestone. However, should the price drop below the $1.95 support level, it might test the next support level at $1.63. It’s quite impressive to see TON’s price holding up so well in a generally bearish market, thanks to its strong bullish momentum.
One thing to note is that the TON/USD trading pair is currently in an overbought condition, as indicated by the stochastic RSI, which is currently below its signal line at 85.71. This could mean we might see a short-term decline or a period of consolidation as traders either take profits or look for better entry points.
Furthermore, if the stochastic RSI falls below the 70 threshold, it might suggest a weakening of the bullish momentum and potentially signal a reversal in the price trend.
Telegram Collaboration Boosts Toncoin’s Fortunes
The surge in Toncoin’s performance this past weekend can be largely attributed to its exciting partnership with Telegram. What’s more, the Toncoin community’s enthusiasm reached new levels as Telegram unveiled its integration of the Ton Space crypto wallet.
Leave a comment