Despite the broader market turbulence, Toncoin’s native cryptocurrency TON bounced back quickly gaining 18% and hitting a new all-time high of $7.0. Amid this recent bounce back, Toncoin is now the eighth largest cryptocurrency by market cap surpassing Dogecoin (DOGE) with its market cap now over $24 billion. The recent price surge also comes on the backdrop of Toncoin’s partnership with HasKey.

Toncoin (TON) Price Rally to $10

Toncoin’s price has maintained considerable momentum since March, catching the attention of experts who view it as one of the cryptocurrencies to monitor closely in the forthcoming weeks. To put it into perspective, Toncoin has surged approximately 35% in the last week and an impressive 136% over the past month.

Remarkably, its value has skyrocketed by over 180% since the beginning of March. Moreover, Toncoin’s trading volume is witnessing a notable increase, surging by over 300% on average on a day-to-day basis over the past week.

On the technical chart, the Toncoin price has been rising in the ascending channel pattern, which suggests that bulls have continued to buy the dips.

On April 12 and 13, the bears managed to pull the price below the channel; however, the presence of long tails on the candlesticks indicates robust buying activity near the support line. This inability to maintain lower levels likely enticed buyers, who are now striving to drive the price towards the resistance line around $7.50, breaking which could trigger 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, this optimistic outlook could be invalidated if the TON/USDT pair experiences a sharp downturn and closes below the support line. Such a scenario could trigger a decline toward the 50-day SMA ($4.28).

Key Developments In the Ecosystem

The major thrust in the Toncoin price comes as messaging app Telegram plans to go public with the talks of an IPO around the corner. Last month in March, Telegram CEO Pavel Durov revealed that the company receiving offers worth $30 billion.

Furthermore, Telegram also plans to launch advertisements in the app’s channel and reward the channel owners in Toncoin. Using TON-based ads, advertisers have full control over the placement and budget allocation of their advertisements.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.