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Why is Toncoin Rising?
The price of Toncoin (TON) has reached its highest levels of the year, thanks to a series of updates in its market, including the recent launch of reward activities through the Telegram channel for crypto investors. Following this development, Tron has become the tenth largest cryptocurrency with a market value of over $9 billion, reaching its highest value to date.
On November 6th, Telegram announced a feature that allows channel followers to share rewards without any criteria. The day after this development, Telegram CEO Pavel Durov donated TON tokens worth $200,000 to pay for 10,000 Telegram Premium subscriptions.
Under the newly announced Giveaways feature, Durov’s use of TON as a payment method for at least this special occasion drew attention from TON investors and others. Since the Giveaways announcement, the price of TON token has increased by 19.5% and has generated strong buying interest with the increase in trading volumes. The cryptocurrency reached its highest level in the past eleven months, reaching $2.71 as of November 8th.
Telegram has become one of the leading supporters of Toncoin by integrating TON Space, a Web3 wallet developed by the team, into its platform. This increases the likelihood of greater adoption of TON among Telegram’s monthly 700 million active users.
Furthermore, the recent partnership between Toncoin and Blockchain.com, as well as the approval received from the Dubai International Financial Center Free Trade Zone, continue to provide upward price signals for investors, as shown in the chart below.
What’s Next for Toncoin?
According to analysts, the price chart of Toncoin is considered overvalued from a technical perspective. Additionally, the daily relative strength index (RSI) of TON token has exceeded the overbought zone of 70. Previous jumps in the RSI level to overbought zones have resulted in sharp price corrections.
Furthermore, breaking the monthly horizontal resistance range of $2.60 to $2.70 for TON price will be challenging. This area has been pushing Toncoin’s price for multiple upward attempts since December 2022, and it has drawn even more attention to the potential reversal of the downward trend.
