Toncoin (TON) price is gearing up for another bullish leg after a strong rebound from the monthly lows. The cryptocurrency made headlines a few weeks ago after a Telegram integration. However, the price faced a major rejection from the $2.5 as it retraced more than 25%.
As predicted in my previous analysis, Bitcoin dominance has hit 50.75%. This has shifted the focus of most investors from the riskier altcoins to the most valuable digital asset. However, TON crypto outperformed the Bitcoin price on today and was up 3.47% till press time.
Toncoin Latest News
The Telegram integration of the Toncoin wallet has made the investors very bullish on the project. Due to regulatory pressure, the messaging platform had to distance itself from the project after a billion-dollar ICO. However, the social media app has now integrated the TON space wallet, making it available to its 80 million users.
Considering the adoption stats of TON blockchain, it is vital not to get carried away in the ongoing hype, as the coin appears to be a bit overvalued. Toncoin has attained a market capitalization of $7.2 billion in its short lifespan, while the fundamentals remain a concern for the crypto veterans.
TON Crypto Is Down 3%
Despite a phenomenal surge in the past few weeks, it may be hard to believe but Toncoin price is still down 3% since the start of 2023. The price of the TON crypto had a decent rally in January 2023 but couldn’t pierce through the $2.5 resistance level.
The TON to USD price action has also seen to be impacted by the trend in the BTC price. For the past few weeks, Bitcoin price is struggling to break above the $28,000 which caused a pullback in the TON/USD chart. The latest technical analysis reveals that if the Bitcoin price action remains positive, Toncoin can make wonders in the coming weeks.
Toncoin Price Prediction
The daily chart of TON coin shows a very interesting price action. After a deeper look at the chart, we can mark a range on the chart, which is very critical for the past and the future price action. This is the $1.94-$2.66 price range. After trading below the range lows for a couple of months, the price is once again respecting this zone.
Toncoin price prediction seems to be bullish after a rebound from the $1.94 range lows. There is a strong chance that the bulls target the range highs around $2.65. However, the price may struggle to break above the middle of the range which lies at $2.30. This is also the last lower high on the daily timeframe, which may act as a resistance.
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