Toncoin Gains 18% in 72 Hours: 3 Bullish Signs for Telegram Coin

2 mins
Updated by Harsh Notariya
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In Brief

  • Toncoin saw an 18% price surge this week after Telegram's CEO addressed his arrest in France last month.
  • Toncoin addresses grew by 64% in September, showing increased demand and broader adoption.
  • Investors eye resistance at $5.53, with the potential to reach $6 if momentum sustains, but risks remain.
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Telegram coin Toncoin recently witnessed a significant 18% rise in its price, reaching $5.42 this week. The surge follows Telegram CEO Pavel Durov breaking his silence last week regarding his arrest in France.

This seems to have ignited renewed interest in the cryptocurrency. With this spike, many investors are anticipating that Toncoin’s bullish trend will continue.

Toncoin Investors Note a Massive Jump

Firstly, the overall sentiment surrounding Toncoin has been increasingly positive, as demonstrated by the sharp rise in the number of addresses holding a balance. Since the beginning of September, the total number of addresses surged by 64%, climbing from 37.13 million to 60.92 million. This jump starkly contrasts with August, which saw only a 20% increase from 30.84 million to 37.13 million throughout the month. 

Such rapid growth in the total addresses highlights an increase in demand and interest among investors. It points to an expanding user base and broader adoption of Toncoin.

Read more: 6 Best Toncoin (TON) Wallets in 2024

Toncoin Total Addresses.
Toncoin Total Addresses. Source: IntoTheBlock

Secondly, from a macro perspective, Toncoin’s bullish momentum is building, though a key technical indicator suggests a potential challenge for the rally. The Relative Strength Index (RSI), which measures an asset’s momentum, is currently hovering just below the neutral line of 50.0. This positioning indicates that while the upward momentum is building, it has yet to break into a bullish signal fully.

Thus, Toncoin’s price growth could slow down briefly. However, the overwhelming enthusiasm from investors may propel the cryptocurrency past this neutral point. If the RSI pushes above the 50.0 threshold, it would signal a further rally, with investors eyeing higher targets.

Toncoin RSI.
Toncoin RSI. Source: TradinView

TON Price Prediction: Breaking Barriers

Finally, Toncoin’s recent 18% surge to $5.42 within three days has placed it close to breaching a key resistance level at $5.53. A break above this resistance could signal even more significant gains in the short term.

If the barrier at $5.53 is flipped into support, the Telegram coin could aim for $5.93, its next major resistance level. Should TON clear this level, the price may continue to climb toward $6.00, an important psychological barrier for traders. Such a breach would solidify the bullish outlook and further entrench investor confidence.

Read more: What Are Telegram Bot Coins?

Toncoin Price Analysis.
Toncoin Price Analysis. Source: TradingView

However, if Toncoin’s bullish momentum falters, the price could consolidate just above $4.86, a strong support level. This would represent a second failed attempt to breach resistance within a month, invalidating the bullish narrative in the short term and signaling a possible retracement.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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