Is It Too Late to Buy Toncoin? TON Price Spikes 18% as New Telegram Crypto Casino Launch Countdown Begins
Leading Telegram-integrated blockchain The Open Network’s native Toncoin has seen a magnificent +18% spike in TON price, but is it too late to buy Toncoin?
This comes as TON price reels from a -20% localized retracement move, triggered after pushing to 11-month highs back in early November.
Recent upside price action has been fuelled largely by the launch of Telegram launched ‘Giveaways’ a feature enabling channel owners distribute prizes among their followers.
Top Crypto Gainers Today by Coinmarketcap!
1. $FTT
2. $TIA
3. $ROSE
4. $TON
5. $SEI#CoinMarketCap #CryptoCommunity #cryptocurrency #FTX #celestia #rune #rose #SEI #Uniswap #CryptoMarkets pic.twitter.com/jTObx612vW
— cryptomigo (@cryptomigo21) November 28, 2023
Now with strong support above the 20DMA, TON price action appears to have found legs for a second rally leg – with sentiment shifting bullish, lets dig in.
As TON price recovers, Toncoin is currently trading at a market price of $2.46 (representing a 24-hour change of +0.82%).
Toncoin’s ongoing upside move, which was mounted following the -20% retracement, appears to have found legs above the 20DMA (sat at $2.38).
This key moving average has provided localized support for a +11.5% recovery so far, with TON price action forming a bullish pendant pattern in the upper trading channel.
TON price now appears poised, ready for another breakout above trendline resistance, with a potential target at $2.9.
200DMA support remains far below price action despite the golden cross on September 15, although the moving average is now gradually ascendant at $1.8.
Meanwhile, the RSI while bearish at 58.56 suggests there is still the capacity for a significant upside move, with the previous 11-month high registering at 79.39 on the RSI
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