The Open Network’s native cryptocurrency, Toncoin (TON) surged by 18%, reaching a new high of $7.22 amidst market turbulence, according to data from CoinMarketCap.
This spike propelled Toncoin to become the eighth largest cryptocurrency, surpassing Dogecoin with a market cap exceeding $24 billion. The rally follows Toncoin’s partnership with HasKey.
Experts are closely monitoring Toncoin as its price has soared by 35% in the past week and an impressive 136% in the last month, totaling a remarkable 180% increase since March. Trading volume has also surged by over 300% daily on average.
Technical analysis shows Toncoin’s price in an ascending channel pattern, indicating bullish sentiment. Recent dips were met with strong buying activity, pushing the price towards a potential rally to $10, especially if it breaks the $7.50 resistance line.
Toncoin’s upward momentum is bolstered by Telegram’s plans for an IPO and introducing Toncoin-based ads, offering advertisers control over placements and budget allocation.
Also Read: Telegram’s Toncoin (TON) Enters Top 10 with $19B Market Cap
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