Toncoin has gained 1% today, September 20. It trades at $2.47 with a 30% seven-day price increase. Also, TON’s price gains confirm the entrance of buyers and an accumulation phase, which will likely continue to push the rally.
TON’s price gains in the past week are likely a result of its integration with Telegram. This integration exposes TON to approximately 800 million users on Telegram, leading to a spike in its price.
Toncoin Faces Resistance At $2.58; Will The Buyers Trigger A Breakout?
TON is on an uptrend today, building on its gains from September 19 to rally to the $2.58 resistance level. After briefly slipping off the $2.5 price on September 16, TON found support at $2.3, preventing a decline. And as the bull returned, the asset pushed closer to the $2.58 resistance level.
As buyers vie to surmount barriers to further uptick, TON trades near the upper band of the Donchian Channel (DC), expressing a strong bullish sentiment.
Additionally, the Relative Strength Index (RSI) is firmly in the overbought zone, displaying a value of 76.6. The RSI’s value implies that the buyers are not yet done with the accumulation phase and will likely rally above the closest resistance level.
Moreover, the Moving Average Convergence Divergence (MACD) still displays a strong buy signal. The MACD is above its signal line, and its green Histogram bars confirm an ongoing massive accumulation.
Based on past price action, TON will likely repeat its September 12-16 uptrend to record more gains. However, it is already in the overbought region, and a retracement for consolidation will likely occur in a few days.
Nevertheless, the exciting developments in the Toncoin ecosystem will likely result in a bull run in the last quarter of 2023.
TON Records Massive Price Surge Following Telegram Update
Exciting ecosystem developments could be responsible for Toncoin’s performance over the past few days. According to a recent tweet, social media giant Telegram extended its support to Toncoin and introduced a new wallet called TON Space.
According to sources, the unveiling happened last week at the Token 2049 conference in Singapore. Also, the CEO of Telegram, Pavel Durov, shared this exciting news on his official Telegram account, confirming that TON is the preferred blockchain network for their crypto integration.
Durov said: “Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the US and some other countries.” This integration helps them expand Telegram’s Web3 infrastructure.
Interestingly, users who installed the latest version of Telegram can access the wallet option from the app menu. Toncoin developers say the upgrade aims to integrate the token within Telegram Mini-Apps.
In addition, Toncoin projects could utilize these mini-apps to increase their reach and adoption. Moreover, TON-based users get priority access to Telegram Ads, exposing the projects to over 37,000 communities and millions of Telegram users.
Consequently, the TON wallet will operate The Open Network (TON) blockchain. Also, the wallet will be available to over 800 million Telegram worldwide users.
This development bodes well for Toncoin, which has been bullish since September 4, 2023, following the announcement. By riding on these bullish waves, the cryptocurrency will likely attain $3 in the coming weeks.