Key Takeaways:
- Partnership with Telegram helped Toncoin price rally 23% in the week beginning Sept. 13.
- TON price is moving inside a bullish pattern.
- Toncoin and Telegram might announce more updates on Sept. 13.
NEW DELHI (CoinChapter.com) — Toncoin partnered with Telegram’s messaging platform to integrate a TON-based crypto wallet.
The partnership would help Toncoin get exposure to Telegram’s 800 million users. The TON wallet would support all the tokens associated with the Toncoin ecosystem.
TON, or The Open Network, is a Layer-1 blockchain platform that aims to facilitate cryptocurrency transactions using Telegram. Developed by the team behind Telegram, the messaging platform had to detach itself from Toncoin after an issue with the US Securities and Exchange Commission.
A partnership with Telegram would likely attract more users to Toncoin’s ecosystem. Furthermore, according to the announcement on X by The Open Network, some more updates might be coming.
Steve Yun, president of the TON foundation, and John Hyman, CIO of Telegram, are slated to speak on “Transforming Telegram to Web3 with Toncoin” at the crypto event TOKEN2049.
Other crypto-related projects on Telegram welcomed the announcement. Victor Ammer, CEO and founder of Ammer Group stated that the firm introduced support for TON across its payment infrastructure.
Going by the moniker CrypTina on X, a crypto influencer stated that a new token mixer bot ‘Tonbler‘ was available on Telegram for users who value their privacy. New products would likely continue to prop up to take advantage of the partnership.
Meanwhile, the Toncoin-Telegram wallet integration launch ran into some trouble as users flooded in, resulting in Toncoin stopping people from scanning the QR code.
TON Price Moving Inside Bullish Wedge
TON price has formed a bullish technical pattern called the ‘Falling Wedge.’
Traders consider the pattern a bullish signal since it reflects that a token’s downtrend might be losing momentum. The pattern can be traced by connecting reaction highs and lows with downward-sloping lines.
The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines. Hence, if the wedge pattern pans out, TON could rise over 128% to reach an all-time high near $4.37.
TON Price Forms Golden Cross
Meanwhile, another bullish cue for TON price action comes from the golden cross between the token’s 100-day EMA (blue wave) and 50-day EMA (purple wave). Traders usually consider the pattern an indicator of positive market sentiment and increasing buying pressure.
The Toncoin price rallied 11.7% on Sept. 13, reaching a daily high near $1.978. However, even news of the Telegram partnership failed to propel the TON price above $2, which could have infused confidence in the token’s price action and attracted more buyers.
Furthermore, long upper wicks suggest a profit-booking mentality among bears. Hence, while more updates from TOKEN2049 could propel the TON price, bearish risks would likely remain.
A continued rally likely pit the TON price against the resistance near $2.1, which previously acted as a support level for the token between Dec. 2022 and May 2023. Breaking and consolidating above the immediate resistance would allow the Toncoin price to target resistance near $2.3 before retreating.
However, the RSI for TON is near the overbought threshold, clocking a score of 65.98 on the daily charts. Overbought RSI levels often precede an asset’s bearish reversal or consolidation phase, which could force traders to sell their TON holdings to pare losses.
As such, the Toncoin price might drop to the support level near $1.77. Moreover, failure of the immediate support would send bulls running to defend the 100-day EMA and 50-day EMA support confluence near $1.57.
