More than one billion Telegram users will be able to interact directly with decentralized applications (DApp) on the Ethereum Virtual Machine (EVM) within this messaging app, following the launch of the Tac mainnet on Tuesday. This new feature could boost DApp adoption and capital inflow into the TON network, as it helps reduce technical barriers for mainstream users.
Can Toncoin break through the upper resistance zone? Let's analyze the chart to find out.
TON price prediction
The price of TON has risen above the moving averages (MA) and is currently approaching the downtrend line of the descending triangle pattern.
The 20-day exponential moving average (EMA) at $2.94 has started to trend upward and the relative strength index (RSI) has jumped into the positive zone, indicating an advantage for buyers. It is expected that the bears will attempt to defend the downtrend line, as if the price breaks above this line, the current bearish pattern will be invalidated. This could push TON up to $3.69.
On the contrary, if the price sharply turns down from the downtrend line, it indicates that the bears continue to sell as the price rises. This scenario would cause the coin to continue to oscillate within the triangle pattern for a while longer. The bears will regain the upper hand if they push the price below the support level of $2.75.
Both MAs have begun to trend upward and the RSI is in the positive zone, indicating that the bulls are in control. Buyers will try to push the price up to the downtrend line, but this could be a significant challenge.
If the price turns down from the downtrend line but bounces off the 20-day EMA, it indicates that market sentiment remains optimistic. This scenario increases the likelihood of the price breaking above the downtrend line. At that point, TON could rise to $3.4 and then $3.5.
Conversely, if the price falls below the MAs, it indicates that the bulls are gradually losing control. At that point, the price could plummet to $2.9.