Toncoin (TON) price skyrockets to 11-month high after Telegram launches ‘Giveaways’

That has improved TONs opportunities of greater adoption amongst Telegrams 700 million monthly active users.Furthermore, Toncoins current partnership with Blockchain.com and its approval in the Dubai International Financial Centre complimentary trade zone have served as bullish cues for traders, as revealed in the upside price reactions in the chart below.TON/ USD everyday rate chart. Source: TradingViewToncoin cost predictionThe Toncoin rate chart suggests it is exceedingly valued from a technical standpoint.Notably, TONs day-to-day relative strength index has actually leapt above 70, an overbought area. The RSIs previous jumps into overbought zones have actually resulted in sharp price corrections.TONUSDT everyday cost chart.

Toncoin (TON) rate reached its greatest levels in almost a year as crypto traders evaluated a variety of optimistic updates in its market, including the recent launch of “Giveaways” on Telegram. Lot is now the 10th-biggest cryptocurrency, with a market capitalization of over $9 billion– its highest ever. Telegram CEO purchases $200,000 of TONOn Nov. 6, Telegram revealed Giveaways, a feature that allows channel owners to randomly distribute prizes among their followers.A day later on, Pavel Durov, the CEO of Telegram, used $200,000 worth of TON tokens to spend for Telegram Premium memberships for 10,000 Telegram users. Pavel Durovs statement of Toncoin giveaways. Source: Du Roves ChannelNotably, Durov used TON as a payment technique within the Giveaways function, at least for this particular case. Lots price has actually rallied 19.5% given that the Giveaways launch, coupled with a rise in its trading volumes, suggesting strong purchasing interest. Since Nov. 8, the cryptocurrency had touched $2.71, its greatest level in 11 months.TON/ USDT daily price chart. Source: TradingViewTelegram is the leading backer of Toncoin, having actually incorporated a self-custodial wallet into its platform. That has improved TONs possibilities of higher adoption amongst Telegrams 700 million monthly active users.Furthermore, Toncoins current partnership with Blockchain.com and its approval in the Dubai International Financial Centre totally free trade zone have functioned as bullish cues for traders, as revealed in the upside rate responses in the chart below.TON/ USD everyday rate chart. Source: TradingViewToncoin price predictionThe Toncoin price chart recommends it is excessively valued from a technical standpoint.Notably, TONs everyday relative strength index has actually jumped above 70, an overbought region. The RSIs previous jumps into overbought zones have actually led to sharp price corrections.TONUSDT everyday price chart. Source: TradingViewMoreover, TONs multimonth horizontal resistance series of $2.60–$2.70 will be difficult to split. This location has actually capped the Toncoin tokens multiple benefit attempts given that December 2022, further raising the potential of a bearish turnaround in the coming days or weeks.Related: Wallet on Telegram picked custody by default to reduce onboarding: Wallet COOIf this bearish circumstance takes shape, the drawback target to watch is at its Q1/2023 assistance line, near $2.22, down 17.5% from existing cost levels. This line is near Toncoins multimonth ascending trendline and its 50-day exponential moving average (50-day EMA; the red wave). Alternatively, a decisive close above the $2.60–$2.70 resistance variety will put TON in a position to tackle $2.92 as its next benefit target.This post does not consist of investment recommendations or recommendations. Every financial investment and trading relocation involves danger, and readers should perform their own research when deciding.