Toncoin Skyrockets 50% in May: Telegram’s Influence

The price of the cryptocurrency Toncoin (TON) has been on the rise, increasing by approximately 50% this month and reaching its highest level in three weeks at $7.10 on May 10. Toncoin has outperformed the overall crypto market during this period, showing stronger growth due to various catalysts. One such catalyst is the upcoming launch of Notcoin, a play-to-earn game, on May 16. Notcoin is a social clicking game within the Telegram app, where players can earn a virtual currency called Notcoin by tapping a golden coin on the screen. Over 34.5 million players have already participated in mining Notcoin tokens.

The Notcoin team has announced an airdrop of a new native crypto, NOT, to the 34.5 million Notcoin token holders. This crypto will start functioning on the TON Blockchain on May 16, and will also be available for trading on major exchange platforms such as Binance and Bybit. The anticipation of the Notcoin launch has led to a significant rise in the total value locked (TVL) across the TON network, reaching 40.58 million TON as of May 10. This indicates a strong demand for Toncoin, especially with the integration of Tether stablecoins on the TON blockchain.

Another factor contributing to Toncoin’s price increase is the recent investment by Pantera Capital, although the exact amount remains undisclosed. Pantera Capital sees potential in the integration between the Open Network and Telegram, as Telegram has a massive user base of 900 million monthly users and 36.7 million monthly downloads. This investment has further boosted market optimism surrounding Toncoin.

From a technical perspective, Toncoin’s recent gains have been driven by a rebound from a key support zone. This zone is marked by an ascending trendline, the 50-day exponential moving average (EMA), and the 0.618 Fibonacci retracement level. The price movement resembles previous patterns seen in Toncoin’s history, indicating potential for further growth.

If Toncoin can break through the resistance at its 0.236 Fibonacci line, it has the potential to rise by over 20% in May, reaching around $8.77. A pullback from the 0.382 Fibonacci line resistance could lead to a decline towards the 0.382 Fibonacci line at around $6.19. A decisive break below this level would put the price at risk of dropping towards $5.40 in May, which aligns with the ascending trendline support and the 0.5 Fibonacci line.

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