Toncoin (TON) price surges to 11-month high after Telegram launches ‘giveaway’

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The price of Toncoin (TON) has reached its highest level in almost a year as cryptocurrency traders take stock of a series of optimistic updates in the market, including a recent “giveaway” on Telegram.

TON is currently the tenth largest cryptocurrency with a market capitalization of over $9 billion, an all-time high.

Telegram CEO buys $200,000 in TON

November 6, Telegraph Announce Giveaways, a feature that allows channel owners to distribute random prizes to their followers.

A day later, Telegram CEO Pavel Durov used $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 Telegram users.

Announcement by Pavel Durov about Toncoin giveaway. Source: Durov Channel.

It’s worth noting that Durov uses TON as the payment method in the giveaway feature, at least in this case.

Since the launch of the giveaway program, the price of TON has increased by 19.5%, and trading volume has also increased, showing strong buying pressure. As of November 8, the cryptocurrency hit $2.71, its highest level in 11 months.

TON/USDT daily price chart. Source: TradingView.

Telegram is a major supporter of Toncoin and has integrated self-hosted wallets into its platform. This increases the chances of TON adoption among Telegram’s 700 million monthly active users.

In addition, the recent Toncoin with Blockchain.com Its approval in the Dubai International Financial Center Free Zone is a bullish sign for traders, as shown by the bullish reaction in the chart below.

Tons/USD daily price chart. Source: TradingView.

Toncoin Price Prediction

Toncoin price chart shows that it is overvalued from a technical perspective.

Notably, TON’s daily relative strength index has surged above 70, entering overbought territory. The RSI previously jumped into overbought territory causing a sharp price correction.

TONUSDT daily price chart. Source: TradingView.

Additionally, TON’s multi-month horizontal resistance range of $2.60 to $2.70 will be difficult to break. This area has capped multiple upside attempts in Toncoin token price since December 2022, increasing the likelihood of a bearish reversal in the coming days or weeks.

If this bearish scenario develops, a downside target to watch is the Q1 2023 support line near $2.22, a 17.5% decline from current prices. This line is close to Toncoin’s multi-month uptrendline and its 50-day exponential moving average (50-day EMA; red wave).

Conversely, a decisive close above the $2.60 to $2.70 resistance zone could see TON reach $2.92 as the next upside target.

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