TON Projected to Ascend $10 in the Next Two Months

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Toncoin (TON) rose 5% on Wednesday and 120% over the last two months, propelling it to position nine concerning market capitalization according to the CoinMarketCap ranking. TON began the week on Sept. 18 at $2.31 to reach a high of $2.59 before a slight correction to the current price at $2.53.

TonCoin features among the biggest gainers today, with a 4% climb over the last 24 hours. The other top gainers are XDC Network (XDC) which has rallied 5.32% followed by Conflux (CFX) with 4.355 daily gains. Below TON are UNUS SED LEO (LEO) and Flare (FLR), which both increased by 3% over the same time frame.

Top Crypto Gainers Today

Source: CoinMarketCap

TonCoin also features amongst the biggest gainers of the week, according to data from CryptoRank.

#TONCOIN +32.8% 7d price increase
In anticipation of mass adoption via Telegram pic.twitter.com/Arw2n5k9U4
— Dan_Maximovich (@dan_maxmax) September 18, 2023

The ballistic rise in the TON price could be attributed to the recent integration into Telegram, a popular messaging app.

It is important to note that there is no official collaboration between Toncoin and Telegram regarding this landmark development. However, the Ethereum blockchain, upon which TON is built as a wrapped asset, has experienced significant changes as a result of this integration.

Consequently, the number of active TON addresses on the Ethereum network has multiplied seven times, going above 300 for the first time in over nine months, according to data from IntoTheBlock.

The price of $TON has made a significant recovery in the last month. This increase has also resulted in a 7x+ increase in active $TON addresses on the Ethereum network. @ton_blockchain pic.twitter.com/7hfE29HfUt
— IntoTheBlock (@intotheblock) September 19, 2023

At the same time, the number of TON tokens transferred on Sept. 16 reached 1.2 million ($3 million at current rates), the highest recorded transfer since December. Together with this, an increase in daily trading volume and the growing market capitalization that has earned it a place among the top 10 cryptocurrencies have fueled investor interest who continue buying with the hope of a sustained bull run to $10.

TonCoin Price Upside Remains Strong

The TON/USD daily chart below shows that the Relative Strength Index (RSI) is moving within the overbought region. The price strength at 75 suggested that the bulls fully controlled the TonCoin price.

The moving averages (MAs) were also facing up, an indication that the market conditions are still in favor of the upside. The bullish cross from the MAs that occurred when the 50-day Simple Moving Average (SMA) crossed above the 100 SMA on Sept. 9 was still in play. This also added credence to the buyers’ grip on the TON price.

Under these circumstances, TonCoin could rise further from the current position, with the 100% Fibonacci retracement level providing immediate resistance at $2.59. Other levels to watch on the upside are the 123.6% retracement level at $2.9 and the psychological level at $1.0.

Shattering these levels would see TON climb to revisit the all-time high at $5.84 and later enter new price discovery which could bring areas around $10 into the picture.

TON/USD Daily Chart

TonCoin Price Chart - Sep 20 — TradingView Chart: TON/USD

On the downside side, the RSI showed that TON is overbought, meaning that a correction could be on the cards as buyer exhaustion kicks in and bears book profits on the latest rally. If this happens, the TonCoin price may turn down from the current price, with the first line of defense emerging from the 78.6% Fibonacci retracement level at $2.28.

Additional support lines are found at the 61.8% retracement level at $2.0 and the $2.0 psychological. Below that, the 50% Fibonacci level at $1.87, the 200-day SMA at $1.8, the 38.2% extension level at $1.7, and the 50-day SMA at $1.62 provide more breathing zones for the bulls.

TON price could then drop below the 100-day SMA at $1.5 before completing the full retracement to $1.15 and drop lower to undo the recent gains and invalidate the bullish thesis.

As the crypto market recovers, investors could be triggered to take out their funds as they look for promising alternatives aside from TonCoin. One of the best ways to invest is to look at new coins in presale with a low risk-to-reward ratio and the potential to make good returns on investment in 2023.

TON Alternatives

Wall Street Memes (WSM), is a new token in presale that has taken the crypto meme sector by storm. It is currently in the last stage of the presale, which has already raised more than $25 million.

The team is giving interested investors the last chance to buy the token for $0.0337, before it hits the exchanges and the price increases. This can be done using ETH, USDT, or BNB.

Given the fact that the market is becoming strongly bullish, there is a chance that WSM’s price will head up as soon as the token goes live. Many analysts believe that this new coin has the potential to dethrone Dogecoin (DOGE) and Shiba Inu (SHIB) to become a leading meme coin.

Visit Wall Street Memes here for more information about the project and how to participate in the presale.