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Toncoin Price Up As FOMO Sentiment Provides Fuel

Toncoin price went up on Thursday, gaining 1.25% to trade at $6.15. The coin is trying to reverse the 10.5% loss it incurred during the last three days.  Furthermore, it is down by 9% in the last week.  TON’s rebound is attributed to a teaser on social media platform X on Thursday when the Ton Foundation revealed that a “major announcement” was on the way. This has triggered speculation among investors, who have reacted with a FOMO (Fear Of Missing Out) sentiment.

While the announcement did not give details, it was accompanied by logos of Tether, STON.fi, Tonstakers, and sport and Fanzee Labs, stirring speculation that a partnership could be in the works. Such a partnership could expand Ton’s reach to other ecosystems, potentially sparking a price gain.

TON’s bottomline is supported by its ties to messaging app, Telegram, which gives it access to over 800 monthly active users.  Furthermore, Telegram announced in two months ago that it would start sharing ad revenues with channels having at least 1,000 subscribers, with payment exclusively done using TON. This brought a solid use case for the coin and is expected to help drive up demand for TON as the ecosystem grows. Toncoin rose steadily in the aftermath of the announcement to become the eighth largest crypto by market capitalization.  

TON’s Telegram-based economy is one that few projects can compete against. Furthermore, its revenue sharing model is likely to attract more users to Telegram, resulting in a win-win for both platforms.  Also, TON has risen significantly in April, gaining 12.7%, while Bitcoin has lost 12.3% over the same period.  Therefore, a significant rally could be around the corner, as the Bitcoin halving event draws near.

Technical analysis

The RSI on TON price favours further advances to the upside, with the pivot at 6.05.  If the price stays above this mark, the momentum will likely breach the resistance at 6.38 and potentially test 6.55 in extension. Alternatively, a move below 6.05 will signal control by the sellers. Furthermore, a continuation of the control could break the support at 5.87, thus invalidating the upside narrative and potentially testing 5.71.