Is New ATH Imminent for Toncoin Price as Telegram Turns 11?
Highlights
- Toncoin price experienced a 12% surge amid significant whale activity, coinciding with Telegram's 11th anniversary.
- A bullish breakout from the inverted head and shoulder pattern hints at a breakout rally to $9.
- A reversal below the 50-day EMA slope will invalidate the bullish thesis and drive a correction to $5.
Toncoin price outperformed the broader crypto market downtick on Wednesday, with a 10% surge to $7.04. While most major altcoins record a red day due to Bitcoin wavering around $60000, the TON price stands tall. The sudden inflow could be coupled with Telegram celebrating its 11th anniversary and the Binance exchange adding TON to its Launch Pool platform.
Toncoin Price Soars Following Binance Launchpool Debut
On Wednesday, the TON blockchain, closely associated with the messaging app Telegram, experienced significant on-chain activity and a surge in its native cryptocurrency. The bullish momentum can be attributed to the crypto exchange Binance, including TON on its Launchpool platform. Starting August 15, 2024, users can stake BNB and FDUSD to earn TON tokens on the platform.
Introducing Toncoin $TON on #Binance Launchpool and Super Earn!
Lock your tokens and earn Special APR rewards.
Find out more 👉 https://t.co/Y8vHwg2a92 pic.twitter.com/3m1khH1APB
— Binance (@binance) August 13, 2024
Moreover, a recent tweet from Toncoin’s official ‘X’ page shared its recent growth amid Telegram’s 11th anniversary. The post highlights that the recent jump in Toncoin price is driven by the expansion of its mini-app ecosystem and the excitement surrounding the latest announcement from DOGS (realDogsHouse) today.
TON Blockchain Surges on Telegram’s 11th Anniversary: Key Metrics Signal Bullish Momentum
Today the 14th of August, 2024 is Telegram’s 11th anniversary, and the TON blockchain, which is closely connected/integrated with the messaging platform, has exhibited substantial financial… pic.twitter.com/o2IdpmtAdr
— THE TON REPORT (@TheTONReport) August 14, 2024
Data from Intotheblock shows that network’s key on-chain activity has witnessed a notable spike since last weekend. The number of new addresses spiked from 224.72k to 439k, marking a 95% increase, while the active addresses jumped from 775.6K to 1.13 Million, registering a 45% increase.
This upsurge implies a growing interest and engagement within the network, suggesting a robust expansion in user adoption and potentially increased market activity.
TON Price Gives a Decisive Breakout From Reversal Pattern
Toncoin price analysis shows an inverted head and shoulder pattern in the daily chart. This chart pattern consists of three troughs: the middle trough (head) is the deepest and is flanked by two shallow troughs (shoulders). Theoretically, this setup indicates a change in market sentiment from bearish to bullish.
With the recent price jump, the TON price breaks above the pattern’s neckline resistance of $6.85, providing suitable support for buyers. If the daily candle closes, the altcoin could rise 28% to challenge the $9 peak, surpassing the current all-time high of $8.28.
The downtick in the Average Directional Index (ADX) indicator accentuates the weakening of the prevailing bearish momentum.
On the contrary, if the breakout fails and the Toncoin price dips below the 50-day EMA slope, the bullish thesis will get invalidated. The post-breakdown fall could push the asset over 25% to seek $4.7 support.
Frequently Asked Questions (FAQs)
1. What recent events contributed to TON's 10% price surge?
2. What does the inverted head and shoulders pattern indicate for Toncoin's price?
3. How has Toncoin's network activity changed recently?
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