With a $10 target in April, the price of tonnecoin is still rising along the upward channel.
The latest collaboration between Toncoin and HashKey should significantly increase the price of TON.
As long as the RSI remains in the positive zone, TON moving averages typically move upward.
Despite the broader market turbulence, Toncoin’s native cryptocurrency, TON, bounced back quickly, gaining 18% and hitting a new all-time high of $7.0. After a recent upswing, Toncoin’s market capitalization has surpassed Dogecoin (DOGE) to become the eighth-largest cryptocurrency, with a value of over $24 billion. The relationship between Toncoin and HasKey is another factor contributing to the current price spike.
Price of Toncoin (TON) Rises to $10
Since March, Toncoin’s price has been steadily rising, drawing the attention of analysts who see it as one of the cryptocurrencies to keep a close eye on in the coming weeks. To put things in context, Toncoin has increased by a remarkable 136% over the past month and by almost 35% over the last week.
Remarkably, its value has risen by almost 180% since the beginning of March. In addition, Toncoin’s trade volume increased significantly during the previous week, rising by more than 300% on average every day.
The Toncoin price has been climbing in an ascending channel pattern on the technical chart, indicating that bulls have persisted in buying the dips.
On April 12 and 13, the bears succeeded in bringing the price below the channel; nevertheless, the appearance of long tails on the candlesticks indicates potent buying activity near the support line. The failure to sustain lower levels attracted buyers, who are now attempting to push the price in the direction of the resistance line at $7.50, a breach of which might lead to a further rally to $10.
The RSI is still in the positive zone, and both moving averages are going higher, suggesting that buyers are in the lead right now. This bullish prediction, though, might be refuted if the TON/USDT pair takes a severe dip and closes below the support line. Under such circumstances, there may be a drop in price near the 50-day SMA ($4.28).
Essential Changes in the Ecosystem
The messaging service Telegram is planning to become public, and there are rumours of an IPO soon. This is the main reason for the recent spike in the price of Toncoin. Telegram’s CEO, Pavel Durov, disclosed last month in March that the firm has received $30 billion in proposals.
Telegram also intends to start running ads in the app’s channel and pay Toncoin rewards to the channel owners. Advertisers can allocate their budget and choose where their ads are placed with complete control when using TON-based ads.
