Toncoin, the cryptocurrency originally created by Telegram and then handed over to the open-source community, is steadily gaining ground in the crypto market, with its market capitalization nearing that of Dogecoin, the OG meme coin. In a recent surge, Toncoin’s value increased by 7.31%, bringing its market cap to an impressive $25 billion, just $2 billion shy of Dogecoin’s $27.6 billion. The coin saw its price jump from $6.70 to an all-time high of $8.80 on Bitfinex before settling at $7.10, marking an 8% increase in the last 24 hours, 40% in the past week, and an impressive 125% in the last month.
The recent spike in Toncoin’s value is believed to be linked to rumors of Telegram potentially going public, a development that has been anticipated by notable figures in the crypto community. Additionally, the popularity of the Notcoin game, which incentivizes engagement with the TON ecosystem, has also contributed to Toncoin’s surge in popularity. However, technical analysis suggests that Toncoin may be nearing a bearish correction, as its Relative Strength Index (RSI) signals overbought conditions, potentially leading to a short-term price adjustment.
Despite the bullish trend indicated by the Average Directional Index (ADX), Toncoin may face resistance at its previous high of $8.80 as it continues on its upward trajectory. If a correction occurs, a price range around $6 could serve as a strong accumulation point, supported by the coin’s EMA10. Surpassing Cardano in market capitalization and closing in on Dogecoin, Toncoin’s future remains uncertain, with external factors such as influential tweets potentially impacting its position in the market.