TON Coin Analysis: Bulls Took Control, Is it Time To Cash Out?

• 1 TON coin price was rejected at the resistance level of $2.91.
• 2 The CEO of Telegram used TON as a payment method within the Giveaways feature.
• 3 The EMAs are showing an upward trajectory which is giving confidence to the bulls.

On November 6, Telegram announced a new feature called Giveaways. This feature enables channel owners to randomly distribute prizes among their followers. The next day, Pavel Durov, the CEO of Telegram, used $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 users on Telegram.

Notably, Durov used TON as a payment method within the Giveaways feature. Since the launch of Giveaways, TON’s price has surged 19.5%, along with a rise in its trading volume. This is indicating a strong buying interest with the likes of crypto enthusiasts. As of November 8, the cryptocurrency had touched $2.71, its highest level in 11 months.

Toncoin’s Leading Backer

Telegram is the leading backer of Toncoin, having integrated a self-custodial wallet into its platform. This integration has boosted TON’s chances of greater adoption among Telegram’s 700 Million monthly active users.

Furthermore, Toncoin’s recent partnership with Blockchain.com and its approval in the Dubai International Financial Centre free trade zone have served as bullish cues for traders.

Prediction of TON Coin Price

TON/USD chart by TradingView (Daily time frame)

Toncoin’s volatility is moderately low, as the reading shows on the Risk/Reward Gauge. This means the coin has moderate price swings and is well protected from price manipulation.

Bulls Still in Control

In addition to this, the TON coin price is favorably positioned going forward. However, at the level of $2.91, which is its 2nd resistance, the bears are showing immense strength at the level of $2.91. The bullish Investors continue to pursue breaking the immediate resistance, which is at $2.58 while taking support from the stories of $2.21 and $1.63.

The moving averages are also on an upward trajectory. This indicates that bulls still have the majority control over the horizon. The relative strength index, on the other hand, shows a sudden drop in the strength of bulls. This drop is a result of the bears taking control mid-way.

One of the significant things to notice is that the bulls are surfing the 50-day EMA, which is currently at $2.31. Even after the current price drop, the bulls seem to have received good support from it again.

Conclusion

During the start of November, Pavel Durov, the CEO of Telegram, used TON as a payment. This increased the likes of bulls in the coin and resulted in the rise of TON as a whole. The current price action shows bullish signs as the 50-day EMA is acting as a strong support.

Technical Levels

• Support Levels: $2.21 and $1.63
• Resistance Levels: $2.58 and $2.91

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.

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