The bullish run continues decisively Toncoin (TON), the token associated with the App messaging Telegram. Currently, share 7.32 USDT, and in this first part of June it has already recorded a growth of 16%, after May had closed at +22.80%. This series of rises are attesting $TON to an annual performance of 214%.
Toncoin best token Top 20
Taking a look at the performance of the largest capitalization cryptocurrencies, you can see how Toncoin is the best token of the Top 20 of the Coin Market Cap (CMC) from the beginning of 2024. The attached graph shows the overview of the main tokens of the Top 20 from the beginning of the year and $TON dominates the trend with a +210%, widely separating Shiba Inu and Binace Coin.
Toncoin and the link with Telegram
Like cryptocurrency.it, we are constantly analyzing the price trend of Toncoin since November 2022, when it was listed at $1.52. This price growth is linked to the fact that $TON is the token born from the ashes of the old Telegram project, known as Gramwhich was blocked by the SEC in 2020 during the launch of the ICO (Initial Coin Offering).
After falling into a phase of limbo, in February 2022, a group of developers relaunched the project, with the new brand TON (Telegram Open Network), apparently breaking ties with the App and its founding.
In April 2022 $TON will be listed on the exchange and, during 2023 there were several situations, which led the Toncoin blockchain to be the main partner for the development of dApps on Telegram, for further information we refer you to the article: TON: The Layer 1 Blockchain that is Revolutionizing the Web3 Ecosystem
Historical overview of Toncoin on the weekly
Previously, we highlighted $TON is a young crypto with a short history, as we can see by observing the weekly chart. On this overview, we notice a first phase in which the price is moved in swing, within price channels, from 2022 until early 2024. With the start of this Februaryone happened bullish acceleration, supported by a series of weekly candlesticks with increases close to and above 30%.
From the graph you can see how between December 2023 and February 2024, the price entered a correction phase, creating a support base in the $1.8 – $2 area, an area already tested in October. From here, there was the surge in Toncoin, which led to a series of new all-time highs (ATH).
It is moving between indicated targets and supports
In the April 10 analysis, we had identified a target where the price of $TON could reach:
.. a possible arrival area is the one that passes to the 2.618 level of the extensions, in the area of price of $7.60..
Alessandro Lavarello – Professional trader and analyst of Criptocurrency.it
A few days later, the price reached a high of $7.6710 and then started a short-term retracement, until the support at $4.70 determined through i Fibonacci retracements.
Restart from support
From the support area, in MayToncoin began to climb decisively again, arriving at the first area of static resistancehighlighted with the dashed orange line and indicated with the analysis of May 10th:
… resumption of its bullish trend with first objective $7.20 area with the next in the annual high area.
Alessandro Lavarello – Professional trader and analyst of Criptocurrency.it
New ATH of $TON
Analyzing the daily chart, we can see how $TON reached $7.20 to stop and retrace for about a fortnight, until the next breakout which led yesterday to new ATH at $7,873. But be careful, the price closed lower forming a family candle shooting star, typical of inversion.
Watch out for the shooting star
In this scenario, the rise of Toncoin can reach towards a target areata $8.50 and $8.80. Observing the Short sidethe first support moves to $6.60 with the support level most relevant in $6.20 area.
