The cryptocurrency of The Open Network, Toncoin (TON), has experienced a surge in value recently, increasing by 18% to reach a new high of $7.22. This has caused Toncoin’s market cap to exceed $24 billion, making it the eighth largest cryptocurrency by market cap, overtaking Dogecoin (DOGE).
Moreover, the recent price surge follows the thread of Toncoin’s partnership with HasKey. and has attracted the attention of experts. Toncoin’s price has increased by 35% in the past week and 136% in the last month, totalling an impressive 180% increase since March. Daily trading volume has also surged by over 300% on average.
Technical analysis indicates a bullish sentiment, with Toncoin’s price in an ascending channel pattern. Recent dips in price met strong buying pressure, pushing the price towards a potential rally to $10, especially if it breaks the $7.50 resistance line.
Additionally, although the bears managed to pull the price below the channel on April 12 and 13, the long tails on the candlesticks show robust buying activity near the support line. This has likely enticed buyers who are now striving to drive the price towards the resistance line around $7.50, potentially triggering a rally further to $10.
Both moving averages are trending upwards, and the RSI remains in the positive zone, indicating that buyers currently have the upper hand. However, if the TON/USDT pair experiences a sharp downturn and closes below the support line, the optimistic outlook will fail. This could trigger a decline towards the 50-day SMA ($4.28).
A Short Insight Into Toncoin Blockchain
Toncoin (TON) is a blockchain that operates on a decentralized layer-1 protocol. Created by the encrypted messaging platform Telegram in 2018, the project was later taken over by the TON Foundation and renamed “The Open Network”. The new owners renamed the native coin, Toncoin, formerly Gram.
Since 2020, the TON Foundation, which consists of a non-commercial group of supporters and an independent community of enthusiasts, has been diligently developing the technology. Their goal is to create a comprehensive ecosystem that includes decentralized storage, decentralized services, a domain name system (similar to DNS), an anonymous network, an instant payment platform, and fast transaction processing that is also affordable.
