TON’s native cryptocurrency, Toncoin, has defied market volatility by skyrocketing 17% to new highs. Despite turbulent market conditions, Toncoin’s resilience shines through as it surpasses Dogecoin (DOGE) to secure the eighth position among cryptocurrencies by market size, with a valuation exceeding $24 billion.
Since March, Toncoin has maintained impressive momentum, catching industry experts’ attention as a cryptocurrency worth closely monitoring in the coming weeks.
Toncoin Market Performance
With a remarkable increase of around 23% over the past week and an astounding 92% over the past month, Toncoin’s value has surged by more than 180% since the beginning of March. Moreover, its trading volume has experienced a significant surge, with an average daily increase of over 300% in the past week alone.
Toncoin’s price chart reveals a steady climb in the ascending channel pattern, indicating continued bullish sentiment among traders. Even though there were short-lived declines below the channel on April 12 and 13, substantial buying near the support line has supported prices.
Currently aiming to breach the resistance line at $7.50, a successful breakthrough could trigger a rally towards $10. Both moving averages trend upward, and the relative strength index (RSI) remains positive, signalling buyers’ dominance in the market.
However, a significant decline leading to a close below the support line for the TON/USDT pair could invalidate this bullish outlook, potentially triggering a descent towards the 50-day simple moving average at $4.28.
Toncoin’s Strategic Partnerships and Future Prospects
Toncoin’s surge is not solely attributed to market dynamics but also to strategic partnerships, notably with HashKey, which has further fueled its current price spike. Additionally, the anticipation surrounding messaging software Telegram’s public debut and discussions of an initial public offering (IPO) have contributed to Toncoin’s significant surge.
Telegram’s CEO, Pavel Durov, revealed last month that the company has received bids amounting to $30 billion. Furthermore, plans to introduce TON-based advertisements within the app’s channels, providing rewards to channel owners and offering additional utility and potential for Toncoin’s adoption.
Toncoin’s ambitious goals could lead it to surpass XRP in the future. Achieving this milestone has required resilience, as seen when Toncoin overtook Cardano (ADA) earlier this month to enter the top 10 cryptocurrencies by market capitalization.
The Toncoin ecosystem is flourishing largely due to its enthusiastic user community, which is instrumental in driving innovation and advancing the network.
As Toncoin continues to gain momentum and solidify its position in the cryptocurrency market, investors and industry observers remain vigilant, anticipating further developments and potential price movements.
