Toncoin Jumps 9%. What Actions Should Investors Take?

• Toncoin experienced an 8% increase within 24 hours, bouncing back from bearish traps.
• RSI at 54 suggests a neutral market situation.

Currently, Toncoin, the native cryptocurrency of the prominent TON blockchain, is making headlines in the crypto arena, with a notable 9% rise in the last 24 hours, ascending from $1.9682 to $2.12. This rebound follows a week marked by a downward trend, during which it recorded a 5% decrease.

This month, one of the most significant highlights for Toncoin has been its robust performance, showcasing a 22% increase in value. The driving force behind this upswing seems to be Telegram’s decision to implement the crypto wallet Ton Space, a strategic move that has attracted considerable interest from investors.

Moreover, the collaboration between Telegram and the Ton blockchain was prominently featured in Binance’s Monthly Market Insight Report, where it was characterized as “stoking the flame of potential mass adoption.” This partnership has undoubtedly contributed to the positive sentiment surrounding Toncoin.

In the past 24 hours, Toncoin’s trading volume has experienced a remarkable 80% surge, reaching $25 million, which reflects renewed enthusiasm and engagement from investors.

What Is the Future Direction for TON’s Price?

Examining Toncoin’s recent price trends, the daily chart indicates a prevailing bullish trajectory. The 50-day exponential moving average (EMA) is currently positioned at $1.9732, sitting below the current trading price. Furthermore, the daily relative strength index (RSI) is at 54, signaling a neutral market environment.

Many traders hold an optimistic perspective for Toncoin, anticipating potential gains that may elevate it to the range of $2.4185 to $2.6196. Nevertheless, it is essential to proceed with caution and bear in mind that a decline below the $1.7749 support level could jeopardize this bullish outlook, potentially resulting in a retest of the $1.5778 support level.