Toncoin (TON) Is Gearing Up for a 50% Price Move

Toncoin (TON), the cryptocurrency linked to Telegram’s blockchain project, is showing signs of a potential price surge.

Toncoin (TON), the cryptocurrency linked to Telegram’s blockchain project, is showing signs of a potential price surge.

Toncoin Price Action

TON has been trading sideways recently, but traders are looking for a breakout that can send the price of TON much higher in the near term.

TON recently dropped below $3, and it has since found support at $2.80.

After dropping from the highs of the month, traders are now eyeing a symmetrical triangle on the chart. Breaking this triangle could lead to a 50% gain. However, there is immediate resistance at $3.2.

There could be a break above $3.20, pushing TON towards $5.00, which would reflect renewed buying pressure.

Investors are watching to see if it can hold above $2.80 to prevent a drop to the lower levels. There is a healthy trading volume of around $185 million, showing that there is some solid action in the market.

This setup indicates the potential for an uptrend if TON is able to break through the resistance soon.

Toncoin Network Updates & Developments

Toncoin’s network is quickly expanding with updates that continue to boost confidence in the project.

Max Crown was appointed CEO and the TON Foundation introduced the $500 million Telegram Bond Fund, tokenizing corporate bonds on the TON blockchain. Active wallets remain stable at 170K–190K, adding 10,000 new wallets each day.

Ethena’s $6 billion USDe stablecoin is launching on the Telegram network. The U.S. launch for TON Space comes with the support of Apple’s crypto payments approval and MoonPay enablement for Toncoin purchase. Additional trust comes through tighter rules for MiniApps from Telegram.

Technical Signals and Risks Shaping Toncoin’s Outlook

In addition to institutional action, technical indicators alike favor Toncoin’s upside possibility.

Of the oscillators, seven, including the Relative Strength Index (RSI), reveal neutral emotion. Two indicate buy, while the sole indicator suggesting selling is the MACD.

For moving averages, 11 indicate buying, two indicate selling, and two are neutral. That indicates an overwhelming buy signal in total. When oscillators and moving averages are combined, most technical indicators favor buying Toncoin currently.

Toncoin is exposed to threats despite the positive sentiment.

Toncoin Bridge expired on May 10, restricting the transfer between Ethereum and BNB blocks. Less-tested newer bridges may deter adoption. Previous Securities and Exchange Commission (SEC) actions remain as regulatory threats. International crypto regulation and competition in the market are challenges to the growth of TON in the future.

Overall, positive sentiment appears to outweigh the negatives. While risks exist, Toncoin’s ongoing innovations support its potential for higher prices. Combined with strong technical indicators and bullish chart patterns, this sets the stage for a possible price rally soon.