TON has experienced a 1% increase in price today, September 20, trading at $2.47. Over the past seven days, TON has seen a significant 30% price increase, indicating the entrance of buyers and an accumulation phase that is likely to continue driving the rally.
The recent price gains of TON can be attributed to its integration with Telegram, which has exposed the cryptocurrency to approximately 800 million users on the platform. This integration has led to a spike in TON’s price.
TON Faces Resistance At $2.58; Will The Buyers Trigger A Breakout?
Today, TON is continuing its upward trend from September 19 and rallying towards the $2.58 resistance level. After briefly slipping off the $2.5 mark on September 16, TON found support at $2.3, preventing a decline. As buying pressure returns, the asset is approaching the $2.58 resistance level.
With buyers attempting to overcome barriers for further gains, TON is trading near the upper band of the Donchian Channel (DC), indicating a strong bullish sentiment. Additionally, the Relative Strength Index (RSI) is firmly in the overbought zone with a value of 76.6, suggesting that buyers are still in the accumulation phase and likely to push above the nearest resistance level.
The Moving Average Convergence Divergence (MACD) also presents a strong buy signal, as it remains above its signal line and displays green Histogram bars, indicating ongoing accumulation.
Considering past price action, TON is likely to replicate its uptrend from September 12-16 and achieve further gains. However, as it is already in the overbought region, a retracement for consolidation may occur in a few days.
Despite this, the exciting developments in the Toncoin ecosystem are expected to result in a bull run in the last quarter of 2023.
Toncoin Introduces TON Space Wallet
Last week at the Token 2049 conference in Singapore, Toncoin introduced a new wallet called TON Space. Pavel Durov, the CEO of Telegram, announced this news on his official Telegram account, confirming TON as the preferred blockchain network for their crypto integration. Starting from November, TON Wallet will be included in the settings and attachment menus for all Telegram users outside the US and select other countries.
The integration of TON Wallet expands Telegram’s Web3 infrastructure. Users who have installed the latest version of Telegram can access the wallet option from the app menu. Toncoin developers state that this upgrade aims to integrate the token within Telegram Mini-Apps, which can be utilized by Toncoin projects to increase their reach and adoption. Additionally, TON-based users receive priority access to Telegram Ads, exposing projects to over 37,000 communities and millions of Telegram users.
The TON wallet will operate on The Open Network (TON) blockchain and will be available to over 800 million worldwide Telegram users.
Hot Take: Bullish Prospects for Toncoin
The recent developments surrounding Toncoin, including its integration with Telegram and the introduction of TON Space Wallet, have contributed to its bullish momentum since September 4, 2023. By capitalizing on these positive developments, it is likely that Toncoin will reach $3 in the coming weeks.
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