Over the past 7 days, Toncoin (TON) price has risen over 30%, reaching $3.45. This sharp rise is attributed to Pavel Durov's return to Dubai, sparking renewed interest in Toncoin closely tied to the Telegram ecosystem.
Toncoin Price Surge
One of the main factors contributing to the surge in Toncoin's price was Pavel Durov's return to Dubai. After months of uncertainty, the founder of Telegram is back in action, bringing optimism to Toncoin investors.
Chart Analysis and Predictions
Crypto analyst Tom Tucker shared a Toncoin chart showing a 'falling wedge' pattern, which often signals a trend reversal. This pattern suggests sellers are losing steam, with buyers stepping in to form support at the $2.40-$3.00 range. This could pave the way for Toncoin's price to climb to $5-$6. The first resistance level is around $3.80, with the next at $4.77.
Trading Activity and Prospects
Current trading activity shows significant activity between $5.36-$6.46, potentially leading to increased volatility. If Toncoin breaks above the 50-day moving average, it would support bullish sentiment and could confirm the anticipated price rise.
If Toncoin's current breakout holds, it could pave the way for new price levels. Strong support at key levels and Durov's return bring positive market expectations.
