- Toncoin’s partnership with Telegram boosted its value by 41% within a week.
- Despite recent gains, Toncoin is still 56.76% below its highest-ever value.
- Toncoin’s 50-day exponential moving average (EMA) is currently at $1.77.
During a bleak bear market, Toncoin
The declaration made on September 13 at the Token 2049 event highlighted Telegram’s official support for the TON network. This endorsement positioned Toncoin as the favored blockchain for Web3 infrastructure, ensuring smooth integration with Telegram’s user interface. The impact was instantaneous, with bullish market behavior driving TON’s value up by 41% within a week. As of today, it reached $2.54, a milestone achieved after nearly a year.
Toncoin’s Q3 performance significantly started under bearish market conditions, but bullish forces initiated a reversal, driving it to the top of the 2023 price charts, with a remarkable 90% increase in the last month alone.
Nonetheless, despite the recent upward trend, the trading volume of TON has decreased by 3% in the last 24 hours. This mirrors the wider issues brought about by the ongoing bear market. It is important to highlight that TON is still 56.76% below its highest-ever value, achieved two years ago.
Could TON’s price increase to $3 soon?
An in-depth examination of TON’s latest price fluctuations offers some useful observations. The 50-day exponential moving average (EMA) is presently at $1.77, indicating a robust upward trend. TON is traded at $2.53, marking a 4% rise in the last 24 hours. The Relative Strength Index (RSI) is 77, suggesting the asset is overbought.
Should the bulls sustain their pace and push the price beyond the crucial $2.66 threshold, TON will probably persist in its upward trend, targeting the desirable $3 milestone. Nonetheless, prudence is advised. A fall beneath the vital support level of $1.95 might challenge the subsequent support level of $1.63.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
