Many crypto projects aspire to break into the top 10 market cap rankings, which is a sign of their remarkable achievements. Toncoin, an altcoin, has recently accomplished this feat, earning its place among the top 10 in market capitalization rankings.
At the time of writing, it was ranked number 9 and had a market cap of around $8.3 billion. Over the past weeks, the Toncoin has shown signs of achieving this feat, although it didn't take the actual step. Apparently, this growth is reflected in the daily trading volume of this altcoin at more than 27%.
Actually, what is happening to Toncoin is that it currently moved a level above the 270-day resistance. This is quite massive considering the price of Toncoin in the past months. On June 10, this token was visibly struggling to keep up with the $1.04 price.
Over the last few months, this token's value has fluctuated frequently. On December 22nd, it reached its peak at $2.97. However, Toncoin experienced significant ups and downs due to the overall market downturn. Nonetheless, it appears that Toncoin has made a comeback following its recent integration with Telegram's wallet feature.
The Telegram Toncoin partnership will allow the millions of users on the messaging platform to transact directly from the wallet. However, the news of this partnership with Telegram is taking the price of this token to new highs. The current bullish rally saw an increase of up to $2.54.
Toncoin Price Update: Can the Token Maintain the Momentum?
It is pretty evident that the Telegram Toncoin has undergone some massive growth in several metrics on the ecosystem. It is also quite apparent that this is due to the token's current partnership with Telegram. However, what is the recent price update on Toncoin, and can the cryptocurrency maintain its momentum?
At press time, the cryptocurrency is moving around the $2.49 range. Looking at the daily charts, the bulls make up a large chunk of it. There's currently more than a 5% increase in the daily charts. Furthermore, the token is showing signs of more surge in price.
However, keep an eye on volatility as the crypto market is known to take a different direction at any time. In the weekly chart, Toncoin is up by more than 48%. This means that those who invested in this token a week ago are in profit by over 48%. The token isn't even taking a break from the monthly chart with an over 64% increase.
In a crypto market that is as bloody as the current one, a token reaching this level of growth is something close to miraculous to see. About maintaining the lead, Toncoin price charts show it stands a chance of maintaining this level.
In the daily chart, one can see some bearish trends. However, the token immediately recovered and entered the right path again. If it continues this way, it may maintain the price increase. However, a full retracement is expected before another recovery bullish rally.