TON Surges 12% on Telegram Partnership: Will $2.25 Resistance Hold?
Toncoin (TON) has experienced a remarkable surge of over 12%, clocking its highest price since April in the last 24 hours. Besides reaching an intraday high of $2.25, this surge put Toncoin in the spotlight within the cryptocurrency community. Significantly, this uptick came from a strategic partnership with Telegram, the messaging service.
Telegram Partnership Fuels Bullish Momentum
The Telegram partnership played a crucial role in this weekend’s performance. Additionally, the announcement that Telegram would integrate the crypto wallet Ton Space gave Toncoin a powerful shot in the arm. Moreover, Telegram boasts a massive user base and its decision to integrate with Toncoin has caused ripples of enthusiasm among traders and investors.
If buyers can push through the $2.25 barrier, the $2.50 level is the next technical level to watch. Consequently, breaking above this level might imply strong positive sentiment and draw additional investors to Toncoin. Nonetheless, Toncoin might go through a period of consolidation or a possible fall if bullish momentum wanes and the price fails to break above the $2.25 barrier.
TON/USD Technical Analysis
On the TONUSD price chart, the Keltner Channel bands are rising, with the top band touching $2.20802352, the middle band touching $2.034341903, and the bottom band touching $1.8608116.
This pattern implies that the TON/USD price is now trending higher. However, the price activity above the top range suggests that the positive momentum may be overextended, raising the odds of a pullback or consolidation.
Source: TradingView
Furthermore, the TON/USD price is overbought, as shown by the stochastic RSI, which drifts below its signal line at 85.71. This level may result in a short-term decline or a period of market consolidation as traders take profits or wait for a better entry opportunity.
Moreover, if the stochastic RSI drops below 70, it may signal that bullish momentum is waning, and the price trend is about to reverse.
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