TON price has surged massively, distinguishing itself from its peers over the last 24 hours. Up 15% on Wednesday Toncoin trades at $1.9. Investors have been paying more attention to the Layer 1 blockchain protocol, thanks to an active development team tapping the power of decentralized finance (DeFI) and a vibrant community.
TON Price Ready For New Recovery Phase Above $2
Currently, the 12th largest crypto, Toncoin boasts $6.6 billion in market capitalization and $50 million in 24-hour trading volume. The ongoing bullish outlook started with the support established at $1.15 and the formation of an inverted head-and-shoulders (H&S) pattern.
As investors in Bitcoin, Ethereum, and other top altcoins capitulated in August, TON price steadied its technical structure, setting the pace for a commendable rally. The neckline resistance at $1.5 allowed for the completion of the inverted H&S pattern, which subsequently paved the way for a 24% breakout to $2.
Many of the short-term technical indicators have corrected to depict the improving outlook. The Moving Average Convergence Divergence (MACD) indicator reaffirmed Toncoin’s bullish stance following a brief selloff to $1.6 earlier this month.
The blue MACD line holding above the red signal line signifies that the momentum backs the bullish outlook. TON also sits above all the three applied moving averages including the 50-day EMA (red), the 100-day EMA (blue), and the 200-day EMA (purple).
A break above the immediate resistance at $2 would become apparent as the 50-day EMA crosses above the 100-day EMA. Traders who missed the massive 24-hour rally may want to wait for this breakout before seeking exposure to TON.
Based on the Stochastic oscillator, bulls have the upper hand. Toncoin faced near oversold conditions last week but as the trend strength indicator climbed toward the overbought region, it created an environment suitable for a rally.
Meanwhile, conservative traders who bought TON for short-term speculation as it climbed from August lows at $1.15, profit booking can start, especially now that TON price struggles with resistance at $2. The same traders can buy more TON tokens in the event of a retracement to the potential support at $1.8 and $1.6, respectively.
Toncoin Wallet Telegram Integration Driving TON Price Rally
Telegram, one of the world’s leading messaging apps has endorsed the TON network as its dedicated blockchain protocol to power the Web3 infrastructure.
The messaging app launched the TON blockchain in 2018 but was forced to abandon it due to allegations by the US Securities and Exchange Commission (SEC) that it was dealing with unregistered security tokens.
The development of the TON network carried on under the leadership of the foundation, seemingly independent of the messaging app. However, the two platforms continued to collaborate on projects like the TON-built Web3 wallet, which Telegram has now integrated, exposing it to more than 800 million users globally.
📣 Major news from #TOKEN2049 – #TON-based @wallet_tg goes live for @telegram‘s 800 million users, in new integration.
🎉 Let’s celebrate the largest #Web3 onboarding event ever, together! Comment #TONxTelegram, retweet, and scan to get $TON in 2 taps! pic.twitter.com/NyeMz71vbC
— TON 💎 (@ton_blockchain) September 13, 2023
With this integration, Telegram users will be able to access TON Space, a platform for buying and selling cryptos such as Bitcoin. The collaboration will also give users, excluding those in the US, access to a self-custodial wallet.
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