Toncoin (TON) Soars 18% in 72 Hours; Here’s Why

Last week, Telegram CEO Pavel Durov revealed intriguing facts concerning his detention in France, triggering a rally for Toncoin (TON).

Following Durov's remarks, activities and transactions on Telegram surged, with Toncoin witnessing a massive 18% price surge, reaching $5.42 this week.

This significant rally triggered fresh enthusiasm for the crypto asset. Considering this spike, several investors are expecting further bullish momentum for Toncoin.

Investors Spot Toncoin Bullish Momentum Drivers

Investor sentiment around Toncoin has grown more positive, which is evident from the sharp increase in addresses owning the cryptocurrency. Since September 1, the overall number of addresses has increased by 64%, from 37.13 to 60.92 million.

This figure is higher than the 20% recorded in August, when the number of addresses climbed from 30.84 million to 37.13 million.

This speedy increase in the overall addresses hints at a growth in demand and interest among enthusiasts. It highlights the broadening user base and widening adoption of the Telegram cryptocurrency, Toncoin.

While a broader market view suggests that Toncoin is gaining bullish momentum, a crucial technical signal hints at a possible hurdle ahead. The Relative Strength Index (RSI), which tracks momentum, sits beneath the neutral mark of 50. This suggests that while upward pressure is building, it hasn't yet confirmed a strong bullish trend.

As a result, Toncoin's price growth may experience a brief pause. However, strong investor interest could push the cryptocurrency above this neutral zone. If the RSI moves above 50, it could indicate another rally, with investors aiming for higher price levels.

Toncoin (TON) Price Outlook: What Barriers Could Be Broken Soon?

Toncoin's 18% rally to $5.42 in three days has brought it close to a crucial resistance point at $5.53. Surpassing this level could indicate further gains in the coming days. If Toncoin turns $5.53 into support, it may target $5.93, its next significant resistance.

Clearing this threshold might push the price toward $6.00, a critical psychological level for traders. Achieving this would reinforce a positive outlook and boost investor assurance.

Conversely, if the upward momentum wanes, Toncoin might settle just above $4.86, a solid support level. This would mark a second failed attempt to surpass resistance within a month, contradicting TON's bullish speculations and suggesting a potential pullback.

Gamified Crypto Projects on Telegram Fueling Toncoin's Rise

The recent rise in gamified crypto projects on Telegram might be a key factor behind Toncoin's recent price increase. The growing appeal of Telegram mini apps like Blum and Hamster Kombat is drawing substantial interest from investors.

Telegram Mini Apps: The New Oil well

Keep tapping! Keep interacting! Keep earning!

People have earned more free money using Telegram mini apps than they have spent on gas fees for most chains and heavily funded VC projects

Despite lacking decent bridges connecting other... pic.twitter.com/c1D7L8HVHh

- CryptoMaMa (@1CryptoMama) July 9, 2024

This surge is primarily attributed to the platform's large and active user base, significantly lowering user acquisition expenses.

In an interview with BeInCrypto, Junbo Yang, Investment Manager at Hashkey Capital, praised the smooth integration of these apps.

The ability to transition from gaming to crypto transactions within the same app provides a significant competitive advantage," Yang explained.

Additionally, to support these emerging platforms, the TON Accelerator has launched TON: Acc, an incubation program to nurture early-stage startups on the TON blockchain.

This initiative is designed to help startups evolve from initial concepts to fully operational business models. However, the network has also encountered hurdles, including network outages and legal issues involving the tech billionaire Pavel Durov.

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