The post Toncoin Bull Run: Is This the Start of a Massive TON Price Rally? appeared first on Coinpedia Fintech News
Amid the ongoing crypto recovery led by Bitcoin (BTC) in the past 24 hours, Toncoin (TON)price rallied over 8 percent to trade at about $5.11 on Monday during the early New York session. The large-cap altcoin, with a fully diluted valuation of about $26.3 billion and a daily average traded volume of around $393 million, has been forming a potential reversal pattern.
TON Price Forms Potential Bullish Pattern
From a technical standpoint, TON’s price rebounded above the support level of around $4.8 in the past few days, which has been retested more than 4 times since March.
However, the TON’s bullish reversal pattern will be invalidated if the altcoin consistently closes below the support level of around $4.8 in the near term.
According to a popular crypto analyst alias The Moon, TON’s price could easily pump towards $6 in the coming days fueled by the rising adoption via the Telegram messaging platform.
#Ton is trying to break the Descending Resistance after forming a local double-bottom exactly in the support area! pic.twitter.com/d1Kr0N5IYS
— The Moon (@TheMoonCarl) September 9, 2024
Toncoin Favored by Vast Telegram’s User Base
The Toncoin chain is heavily bolstered by more than 900 million Telegram users. Several crypto projects on the Toncoin network that have already launched Telegram’s mini apps, including tap-to-earn apps, have registered millions of daily active users in a short period.
The Toncoin network has partnered with several businesses to enable seamless mainstream adoption including Travala, Alchemy Pay, and Tether USDT, among others.
Last week, the TON Foundation announced a 5 million Toncoin rewards program aimed at improving TON’s DeFi liquidity.
As of this writing, the Toncoin network had a total value locked of about $342 million and a stablecoins market cap of around $630 million.
