Toncoin Price Positioned to Hit ATH Amid Growing Telegram Partnership Momentum.
Toncoin (TON) price, a Telegram-based altcoin, has recently experienced a steady increase in its price, reflecting a broader uptrend in the market. After facing a challenging start earlier in the week, the cryptocurrency managed to recover, posting a slight gain of 3%. This short-term upward movement indicates a bullish outlook for TON, signaling growing investor confidence in the token.
Toncoin Price Recovery As Bybit Highlights Key Developments
Bybit, the second-largest cryptocurrency exchange globally by trading volume, has unveiled a report underscoring the strides made by The Open Network in its collaboration with Telegram.
The initiative aims to introduce up to 500 million users to Web3 by 2028. With Telegram’s vast user base nearing one billion, the TON price is focused on integrating decentralized applications directly into the messaging platform.
The hints that TON’s alliance with Telegram could mirror the success seen by WeChat’s Mini Programs in China, potentially positioning TON as a dominant force in the Web3 landscape.
TON Holder Profits Indicates Strong Investor Positions
The recent Toncoin price analysis presents a mixed outlook for investors, according to Into The Block data. A significant portion of TON holders, specifically 81.61%, are “In the Money,” their purchase prices range between $0.00 and $2.26, making up a total volume of 3.09 billion TON held by 2.96 million addresses. This suggests that the majority of TON holders are experiencing significant gains at the current price level.
However, a small percentage, 2.28%, are “At the Money,” with their holdings valued close to the current market price, and a notable 16.12% of holders are “Out of the Money,” having purchased TON at prices between $6.84 and $8.18. These holders may face potential losses if the price fails to recover beyond their entry points.
Source: Into The Block
Over the past 24 hours, the TON price has seen a modest increase in value, rising by 2% to reach $6.69. The price-performance during this period fluctuated between a low of $6.50 and a high of $6.66. This recent movement comes as TON remains significantly below its all-time high of $8.24, recorded on June 15, 2024, marking a decline of 19% from that peak.
Toncoin Price Forecast: Bullish Momentum or Market Correction?
Toncoin price is experiencing a notable surge, signaling the potential onset of a bullish trend. If this upward momentum persists, the altcoin will likely surpass the $7 mark. Continued growth might push TON’s value close to $9, possibly reaching $10 in the near future.
The Moving Average Convergence Divergence (MACD) shows bullish signals. The MACD lines (blue and orange) and histogram are shown below the price chart. The MACD line has crossed above the signal line, which is often bullish, indicating that upward momentum is building. The histogram has recently shifted to positive territory, supporting the possibility of a bullish move.
Toncoin Price Chart| Source: TradingView
However, a shift in market sentiment could alter this trajectory. In a bearish scenario, Toncoin’s price might stabilize around $6.5. Further downward pressure could see it dip to approximately $6, underscoring the inherent volatility in the cryptocurrency market.
The post Toncoin Price Positioned to Hit ATH Amid Growing Telegram Partnership Momentum. appeared first on CoinGape.
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