Toncoin’s price rally continues with TON aiming for $10 by month-end. Despite market turbulence, TON surged 18% to hit a new all-time high of $7.0. Toncoin now ranks eighth by market cap, surpassing Dogecoin, with a market cap over $24 billion, driven by its partnership with HasKey.
Toncoin’s price remains within an ascending channel, targeting $10 in April. The recent partnership with HashKey is expected to significantly boost TON’s price. Moving averages for TON are on an upward trajectory, with the RSI staying positive.
Toncoin: A Cryptocurrency on the Rise
Strong Momentum and Surge in Value: Toncoin has garnered significant attention from experts due to its sustained momentum since March. Over the last week, it surged by approximately 35%, and impressively, it soared by 136% over the past month. Its value has skyrocketed by over 180% since the beginning of March. Moreover, Toncoin’s trading volume has seen a remarkable increase, surging by over 300% on average on a day-to-day basis in the past week.
Technical Analysis and Market Dynamics: On the technical chart, Toncoin’s price has been following an ascending channel pattern, indicating continuous buying interest from bulls. Despite brief dips below the channel on April 12 and 13, robust buying activity near the support line prevented further decline. Currently, buyers are aiming to push the price towards the resistance line around $7.50, with potential for a rally to $10 upon breaking this level. Both moving averages are trending upwards, and the RSI remains in the positive zone, indicating buyer dominance. However, a sharp downturn and closure below the support line could invalidate this optimistic outlook, potentially triggering a decline towards the 50-day SMA ($4.28).
Toncoin Price Surge Linked to Telegram’s IPO Plans
The significant rise in Toncoin’s price correlates with news of messaging app Telegram’s impending public offering. Reports suggest that Telegram is on the verge of an IPO, with talks intensifying. In March, Telegram CEO Pavel Durov disclosed that the company had received offers amounting to $30 billion, adding to the anticipation surrounding its potential IPO.
Telegram’s plans extend beyond its IPO, with intentions to introduce advertisements within the app’s channels. Moreover, channel owners will be rewarded in Toncoin for hosting these ads. Utilizing TON-based ads, advertisers will have full control over the placement and allocation of their advertisement budgets, offering a novel approach to advertising within the platform.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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