TON Surges 12% on Telegram Partnership

Toncoin (TON) has experienced a remarkable surge of over 12%, clocking its highest price since April in the last 24 hours. Besides reaching an intraday high of $2.25, this surge put Toncoin in the spotlight within the cryptocurrency community. Significantly, this uptick came from a strategic partnership with Telegram, the messaging service.

Telegram Partnership Fuels Bullish Momentum

The Telegram partnership played a crucial role in this weekend’s performance. Additionally, the announcement that Telegram would integrate the crypto wallet Ton Space gave Toncoin a powerful shot in the arm. Moreover, Telegram boasts a massive user base and its decision to integrate with Toncoin has caused ripples of enthusiasm among traders and investors.

If buyers can push through the $2.25 barrier, the $2.50 level is the next technical level to watch. Consequently, breaking above this level might imply strong positive sentiment and draw additional investors to Toncoin. Nonetheless, Toncoin might go through a period of consolidation or a possible fall if bullish momentum wanes and the price fails to break above the $2.25 barrier.

TON/USD Technical Analysis

On the TONUSD price chart, the Keltner Channel bands are rising, with the top band touching $2.20802352, the middle band touching $2.034341903, and the bottom band touching $1.8608116. 

This pattern implies that the TON/USD price is now trending higher. However, the price activity above the top range suggests that the positive momentum may be overextended, raising the odds of a pullback or consolidation.

Source: TradingView

Furthermore, the TON/USD price is overbought, as shown by the stochastic RSI, which drifts below its signal line at 85.71. This level may result in a short-term decline or a period of market consolidation as traders take profits or wait for a better entry opportunity.

Moreover, if the stochastic RSI drops below 70, it may signal that bullish momentum is waning, and the price trend is about to reverse.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.