Toncoin targets $5.3: Price is anchored on strong support, is the TON wallet on Telegram a catalyst?

Toncoin (TON) is showing remarkable momentum as it continues to maintain above the strategic support zone of 2.87 dollars, despite short-term adjustment pressure in the market. With a positive technical outlook and new momentum from the deployment of the TON wallet on Telegram for tens of millions of users in America, this token is reinforcing investor confidence in its ability to conquer higher price milestones – with the most notable target being 5.3 dollars.

Price maintains important support zone

Toncoin (TON) continues to trade above $2.87 – a price zone that analysts and traders are paying special attention to. As of the time of writing, TON is at $3.14, up about 1% in the past 24 hours but down 4.6% over the week, with a daily trading volume of nearly $334 million.

According to analyst Ali Martinez, the $2.87 level coincides with the 0.5 Fibonacci retracement zone, serving as an important defense mark for the buyers. Maintaining this level not only preserves the current upward trend but also opens up opportunities towards a higher target, specifically $5.3 – corresponding to the 0.786 Fibonacci extension and the previous supply zone.

On the long-term frame, the chart of Toncoin is showing the maintenance of a bullish channel that has been extending since the beginning of 2023. Higher lows are continuously being formed, reflecting persistent buying pressure. Notably, at the beginning of this year, TON broke through the $2.87 level with strong momentum and returned to test this mark before bouncing back – a typical reversal support pattern. If a negative scenario occurs and the $2.87 level is breached, the next support may lie around $2.23. However, the overall picture still leans towards a bullish trend.

On the daily chart, the Money Flow Index (MFI) is currently at 75.76 – putting TON into the overbought zone, signaling the possibility of short-term corrections or profit-taking. Meanwhile, the RSI has retreated to a level of 54.5 – close to the neutral threshold of 50 – indicating that the upward momentum is weakening and the market may enter a consolidation phase. The upcoming trading sessions will be an important test to determine whether the upward trend can be maintained.

TON price chart 1 day | Source: TradingView## Launching TON wallet: Long term support factors

The growth momentum of Toncoin is further strengthened by advancements in the ecosystem. Telegram recently launched the TON Wallet for users in America, reaching over 87 million accounts. This update allows users to conduct cryptocurrency transactions and make payments with stablecoins directly within the app, without the need for intermediary tools.

This is the first time a self-managed wallet has been integrated directly into a major messaging platform in America. Andrew Rogozov, CEO of TOP, shared that the expansion into the American market is based on changes in the legal landscape along with the enormous user base of Telegram.

With the maintenance above the important support zone of 2.87 dollars and the drive from the deployment of the TON wallet in America, the medium to long-term outlook for Toncoin remains positively assessed. However, the overbought zone on technical indicators suggests caution before the possibility of short-term corrections before moving towards the ambitious target of 5.3 dollars.

Taylor