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Toncoin (TON) shocked the broader cryptocurrency market after its price decoupled from Bitcoin (BTC) and recorded a 6% spike. The upsurge in Toncoin’s price comes as bullish developments triggered significant adoption for the asset.
TON breaks key resistance as integration boosts sentiment
CoinMarketCap data shows that while Bitcoin managed a 1.3% uptick, the Toncoin price climbed higher as its technical momentum switched to bullish. Notably, TON breached the $2.25 resistance level as the Binance-Telegram QR payment system triggered positive sentiment on the market.
The integration could lead to significant adoption of TON if users adopt the crypto asset as a payment alternative.
It could drive its utility and demand, leading to increased value for Toncoin in the long run. If adoption rates soar or Telegram expands this feature to other regions, the current increase in value might stabilize and climb higher.
As of press time, the Toncoin price was changing hands at $2.26, which represents a 6.27% increase in the last 24 hours. TON has soared from a low of $2.08 at the start of trading to a peak of $2.28. Although market volatility has caused a slight loss, it is still exchanging above the $2.25 resistance level.
However, trading volume remains in the red zone and is down by 2.3% at $209.53 million. A corresponding upsurge in this metric could trigger a rally for Toncoin and push the price toward the $3 target.
For this to happen, Toncoin bulls need to step up and show support by transacting in large volumes.
Toncoin momentum builds ahead of November
It is likely that if the Toncoin price soars past $3, the asset might receive a boost to hit a high of $5.30.
As per on-chain analyst Ali Martinez, TON could hit this target if it consistently stays above $2.87 amid crypto market uncertainty. With Toncoin currently decoupled from Bitcoin, investors might want to wait and see if it can retest this prediction.
Market observers are monitoring the trading volume as it holds the key to any significant move at this critical point.
With November less than 24 hours away, analysts believe Toncoin could record positive numbers given the asset’s 11.2% average growth rate in the month. In the last four years, TON has only closed November in the red once — in 2021.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team