Toncoin Price Surges 4% Following Cobo’s Integration with The Open Network (TON)
The Toncoin price surged 4% in the last 24 hours to trade at $7.97, as the trading volume jumped 52% to $411 million. This surge follows Cobo’s announcement of supporting The Open Network (TON). With this integration, Cobo will offer its comprehensive custody solutions on the TON blockchain, including custodial wallets and multiparty computation wallet technology.
The integration between Cobo and TON comes amid growing Web3 support for TON, which powers Telegram’s new advertising platform.
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This partnership aims to enhance security and flexibility in digital asset management for institutional clients while expanding Cobo’s service offerings. While adding TON’s blockchain will increase token support for Cobo, its multichain architecture and sharding technology could pose technical challenges.
Through this collaboration, Cobo will incorporate TON’s native tokens, such as Toncoin (TON) and Notcoin (NOT), and stablecoins like Tether. TON is the native token of the Open Network, a proof-of-stake blockchain. The Open Network has seen a surge in demand thanks to the popularity of several TON-based games, including Tapswap, Pixelverse, and Notcoin.
TapSwap is the biggest rival to Notcoin, which recently launched and reached a market cap of over $1.8 billion. According to app data, Notcoin now has over 53 million users. TapSwap has seen its daily user count soar to over 17.9 million, making it the most active social platform in the industry.
Toncoin Price Statistics
- Toncoin Price:$7.97
- Market cap:$19.5 million
- Trading volume:$411 million
- Circulating Supply:2.46 billion
- Total Supply:5.1 billion
Toncoin Price Analysis: Is a Bull Rally Imminent?
Since April 11, Toncoin has been on a steady uptrend, with the bulls driving the price higher, supported by a rising wedge on the daily chart. This dynamic support has allowed buyers to maintain a series of higher lows, indicating active asset accumulation during market dips. The price has formed an ascending triangle after reaching a new all-time high of $8.25, leaving bears struggling to regain control.
Bulls have steadily pushed the price up from the lower trendline, reaching $7.98 near the wedge’s upper trendline. Prices have stayed above the 50 SMA, and the 200-day SMA provides strong support, maintaining the bullish momentum. Despite a short-term bearish trend in the Relative Strength Index (RSI), it has rebounded from oversold territory at 30, crossed the midline at 50, and reached 63, indicating strong buying pressure that could push it into the overbought zone.
The green histogram bars on the MACD indicator and the recent crossover of the blue average line above the orange signal line further support Toncoin’s bullish outlook. If this upward momentum continues, the price could surge past the upper trendline, potentially reaching the $11.12 resistance level.
Final Thought
Toncoin’s price is set for a significant bull rally, despite the resistance posed by the upper trendline of the ascending triangle. Supported by strong technical indicators, traders are leveraging this bullish pattern to drive momentum toward a potential new all-time high of $11.82.
The sentiment among Toncoin traders remains positive, with expectations of continuing the bullish trend following the pennant formation. If momentum increases, it could push the price above the key resistance level of $8.25, confirming the anticipated bull rally.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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