Toncoin (TON) Price Forms Potential Bullish Pattern as Adoption Via Telegram Messaging Platform Rises

Amid the ongoing crypto recovery led by Bitcoin (BTC) in the past 24 hours, Toncoin (TON)price rallied over 8 percent to trade at about $5.11 on Monday

Toncoin (TON) price continued its rally on Monday, rising over 8 percent in the past 24 hours to trade at about $5.11 during the early New York session. Among the top 100 cryptocurrencies by market cap, TON price displayed one of the largest gains in the past 24 hours.

The large-cap altcoin, with a fully diluted valuation of about $26.3 billion and a daily average traded volume of around $393 million, has been forming a potential reversal pattern.

From a technical standpoint, TON’s price rebounded above the support level of around $4.8 in the past few days, which has been retested more than 4 times since March.

However, the TON’s bullish reversal pattern will be invalidated if the altcoin consistently closes below the support level of around $4.8 in the near term.

According to a popular crypto analyst alias The Moon, TON’s price could easily pump towards $6 in the coming days fueled by the rising adoption via the Telegram messaging platform.

#Ton is trying to break the Descending Resistance after forming a local double-bottom exactly in the support area! ? pic.twitter.com/d1Kr0N5IYS

— The Moon (@MoonOverlord_) April 10, 2023

Toncoin Price Analysis: Key Levels To Watch

After forming a double bottom at around $4.6 in the past week, TON’s price began to rally to form a potential bullish technical pattern.

However, the bullish setup will be invalidated if the altcoin fails to hold above the support level of around $4.8-$4.85 in the coming days.

On the other hand, a breakout above the resistance level of around $5.2 could lead to further gains towards $5.4 and $5.6 in the coming days.

If the bullish momentum continues to push TON’s price higher, the altcoin could be headed towards the resistance level of around $6, which could be a key target in the near term.

Toncoin Network Boasts Vast Telegram User Base

The Toncoin chain is favored by more than 900 million Telegram users, which bodes well for the altcoin’s adoption.

Several crypto projects on the Toncoin network that have already launched Telegram’s mini apps, including tap-to-earn apps, have registered millions of daily active users in a short period.

The Toncoin network has partnered with several businesses to enable seamless mainstream adoption including Travala, Alchemy Pay, and Tether USDT, among others.

Last week, the TON Foundation announced a 5 million Toncoin rewards program aimed at improving TON’s DeFi liquidity.

As of this writing, the Toncoin network had a total value locked of about $342 million and a stablecoins market cap of around $630 million.

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