Toncoin Tops Dogecoin with 18% Gain, New ATH

Toncoin has shown remarkable resilience amid market volatility, surging 18% to a new all-time high of $7.0.

Toncoin’s native cryptocurrency, TON, immediately recovered from the larger market turmoil, gaining 18% and reaching a new all-time high of $7.0. The market conditions did not hinder this achievement.

During this recent upswing, Toncoin has surpassed Dogecoin (DOGE) to become the eighth largest cryptocurrency by market size. Its market valuation has now surpassed $24 billion, making it the eighth largest cryptocurrency overall.

Toncoin’s relationship with HasKey is another factor that has contributed to the current price spike since it was announced.

Toncoin (TON) Price Rally to $10

Due to the fact that the price of Toncoin has maintained significant momentum since March, it has attracted the attention of industry professionals who believe it to be one of the cryptocurrencies that should be closely monitored in the weeks to come.

To give some context, Toncoin’s value has increased by around 35% over the past week and an astounding 136% over the past month. Its value has surged by more than 180% since the beginning of March, which is a remarkable increase.

Furthermore, Toncoin’s trading volume is experiencing a significant surge, with an average daily increase of more than 300 percent over the past week.

According to the technical chart, Toncoin’s price has been climbing in the ascending channel pattern, indicating that bulls have continued to buy the price dips.

Despite the fact that the bears were successful in bringing the price below the channel on April 12 and 13, the presence of lengthy tails on the candlesticks shows that there was significant purchasing activity in the vicinity of the support line.

They are currently attempting to drive the price towards the resistance line at $7.50, which, if broken, might trigger a rally further to $10. This inability to maintain lower levels undoubtedly enticed buyers, who are now attempting to drive the price towards the resistance line.

Both moving averages are moving in an upward direction, and the relative strength index (RSI) continues to be in the positive zone, which indicates that buyers are currently in the driver’s seat.

However, if the TON/USDT pair experiences a significant decline and closes below the support line, this bullish prognosis could become meaningless. Such a scenario could trigger a fall toward the 50-day simple moving average ($4.28).

With the messaging software Telegram set to go public and discussions of an initial public offering (IPO) just around the corner, Toncoin’s price has experienced a significant surge.

During the month of March, the CEO of Telegram, Pavel Durov disclosed that the company was getting bids equivalent to $30 billion. Additionally, Telegram intends to introduce advertisements within the app’s channel and will provide the owners of the channel with a reward in the form of Toncoin.

As a result of using TON-based advertisements, advertisers have complete control over the placement of their advertisements as well as the distribution of their budgets.