- Toncoin’s (TON) price spikes to its highest in 11 months following the rollout of a ‘Giveaways’ feature by Telegram.
- Telegram CEO Pavel Durov fuels momentum by purchasing TON worth $200,000, potentially driving TON to become the 10th largest cryptocurrency by market capitalization.
Telegram’s ‘Giveaways’ Elevates Toncoin
The cryptocurrency market has witnessed Toncoin‘s (TON) value ascend to its zenith in almost a year, amidst the backdrop of a series of favorable developments. The latest propulsion in TON’s trajectory came with the introduction of “Giveaways” on Telegram, a feature that allows channel owners to award their subscribers with random prizes.
A Surge in Market Capitalization
Following the initiative’s inception on November 6, Toncoin’s market valuation soared, establishing it as the 10th-biggest cryptocurrency, with a market capitalization exceeding a staggering $9 billion. The surge continued as Pavel Durov, the vanguard CEO of Telegram, embraced the TON currency, earmarking $200,000 worth of tokens to gift Telegram Premium subscriptions to a legion of 10,000 users. This endorsement by Durov not only highlights TON’s potential as a payment method but also signals Telegram’s deepening integration with Toncoin.
TON’s Momentum: Indicators and Predictions
Amidst these unfolding events, TON‘s price chart showcases a commendable 19.5% increase post-Giveaways launch, with the token’s value peaking at $2.71 on November 8—a pinnacle not witnessed in the preceding 11 months.
As Telegram stands as the primary patron of Toncoin, having melded a self-custodial wallet into its infrastructure, TON‘s trajectory towards widespread adoption among Telegram’s robust user base seems more plausible than ever.
Furthermore, Toncoin‘s foray into strategic partnerships, including a liaison with Blockchain.com and its endorsement within the Dubai International Financial Centre, have imbued traders with bullish sentiments, mirrored in TON’s uptick in value.
Technical Analysis: A Look at Resistance and Potential Corrections
From a technical standpoint, TON’s recent price ascent could be heading towards a resistance zone—ranging from $2.60 to $2.70—that has historically repelled TON‘s valuation increases. The convergence at this threshold suggests a potential pullback might be on the horizon, especially considering the daily relative strength index (RSI) tipping into the ‘overbought’ category above 70.
Should a bearish correction ensue, the next critical support level lies near $2.22, a 17.5% descent from the current price point, in close proximity to TON’s established Q1/2023 baseline and its 50-day exponential moving average.
Conversely, should TON‘s value pierce through the current resistance band, the path could be clear towards an ambitious target of $2.92, ushering in a new chapter for the ascendant cryptocurrency.