Toncoin (TON) price skyrockets to 11-month high after Telegram launches ‘Giveaways’
The price of TON is approaching a confluence of historically robust resistance zones, raising concerns of a potential correction in the short term. TON recently surged above the $2.59 overhead resistance, completing a cup and handle formation. While this bullish setup suggests a target objective of $4.03, the bears may attempt to pull the price below the breakout level of $2.59 to initiate a sharp correction to $2.31. The outcome will depend on the ability of bulls to sustain the price above key support levels. The current situation indicates a critical juncture for TON's price movement.
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The recent surge in TON's price can be attributed to a series of positive developments, including the launch of the "Giveaways" feature on Telegram. Telegram's CEO, Pavel Durov, utilized $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 users. This move not only showcased the practical use of TON but also contributed to a 19.5% rally in its price.
As of November 8, TON has reached $2.71, its highest level in almost a year, making it the 10th-largest cryptocurrency with a market capitalization exceeding $9 billion. Telegram's integration of a self-custodial wallet has boosted TON's adoption potential among its 700 million monthly active users. Additionally, partnerships with Blockchain.com and approval in the Dubai International Financial Centre free trade zone have further fueled positive sentiment.
However, technical analysis suggests caution, as TON appears overbought with its daily relative strength index (RSI) surpassing 70. The historical resistance range of $2.60–$2.70 poses a significant challenge, potentially leading to a bearish reversal. A downside target of $2.22 is identified if a bearish scenario unfolds. On the other hand, a decisive close above the resistance range could propel TON toward the next upside target of $2.92. Traders should monitor these key levels to assess the cryptocurrency's future price movements.
