Toncoin Price Forecast: TON Surges 3% Following Telegram Mini App Launch
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The Toncoin price has jumped to the green zone, boasting a 3.16% surge in the past 24 hours. At press time, TON/USD is exchanging hands at $5.52. Accompanying the price movement is its 24-hour trading volume, which has gone ballistic, soaring by 33% to $305 million. This signals intense market activity among traders and investors in the TON market.
The recent price movement comes following Toncoin’s launch of the TADA Mini App on Telegram. This application enables users to book rides and pay with $TON.
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🔈 TADA partners with TON Foundation to launch Web3 ride-hailing on Telegram!
As part of this strategic partnership, TADA, a leading ride-hailing app in Southeast Asia, has launched TADA mini — a Telegram Mini App that lets users book rides and pay via @tonkeeper using $TON or… pic.twitter.com/tnjMNSp4X7
— TON 💎 (@ton_blockchain) September 12, 2024
Moreover, starting September 14-18, the first 4,000 users in Singapore can enjoy free rides via TADA mini, followed by a 50% discount on the next trip.
Toncoin Statistical Data
Based on CoinmarketCap data:
- TON price now – $5.52
- Trading volume – $305 million
- Market cap – $14 billion
- Total supply – 5.11 billion
- Circulating supply – 2.53 billion
- TON ranking – #10
Toncoin Price Breaks Through $5.02 Resistance Zone
Overwhelmed with selling pressure following Pavel Durov’s arrest in France in the past few weeks, Toncoin price plummeted, hitting a low of $4.50. This support allowed bulls to regroup, build momentum, and push for another breakout in the coming days.
A rounding bottom pattern came in handy as TON stepped above $5.02 to $5.52. The price movement above the resistance zone can be accompanied by a massive spike in volume, suggesting increased investor confidence in TON.
The TON bulls have come prepared to leave no stones unturned, considering they have painted the market bullish. The most significant breakout occurred after Toncoin stepped above a tough confluence resistance at $5.02, created by the 50-day Simple Moving Average (SMA) (green). Currently, the bulls are eyeing the next critical level at $5.78, which acts as a cushion against a strong leg up in the TON market. Moreover, this technical barrier ($5.02) coincides with the 200-day SMA.
Most technical indicators have flipped to support the uptrend, including the Relative Strength Index(RSI). The RSI upholds a bullish outlook as it sits above the 50-mean level at 64. Moreover, increased buying appetite at this level will cause the RSI to jump to the overbought zone, reinforcing the bullish thesis.
On the other hand, the Moving Average Convergence Divergence (MACD) calls for traders to rally behind TON. The MACD indicator (blue) has crossed above the signal line (orange), sending forth a buy signal. Moreover, it has hurtled to the positive territory, suggesting increased buying pressure in the market.
Will TON Hit $10?
In the 4-hour chart above, the Toncoin price is winning on the charts today, with the odds leaning in favor of the bulls. A subsequent break above the $5.78 resistance level could open the doors for the long-awaited uptrend. If bulls could bring down this hurdle, investors would start acclimatizing to gains, targeting highs above $6 or even $10 in a highly bullish case.
Conversely, if the bears step in at this level and the crypto market turns negative, the Toncoin price could drop. If the $5.02 support weakens, the odds could quickly flip in the bears’ favor. Depending on the strength of the sell-off, it could be challenging for bulls; hence, the TON price could plunge to $4.70, invalidating the bullish momentum.
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