Toncoin Price Targets New Highs After TON-Trust Wallet Integration
Toncoin price gained tremendously as bulls ignored the widespread corrections impacting Bitcoin and most top altcoins, such as Dogecoin, Shiba Inu, and Bitcoin Cash.
This price uptick comes ahead of the US FOMC meeting later today. Federal Reserve officials are expected to uphold a dovish tone and keep rates unchanged at 5.25%—5.50%. Traders must prepare for some volatility following the FOMC meeting, considering the up-and-down price movement witnessed since Monday.
TON and Trust Wallet Announce Integration
Trust Wallet announced on July 30 that it is partnering with Toncoin for a strategic integration. This will allow Trust Wallet users to interact seamlessly with the Telegram ecosystem.
Trust Wallet & @ton_blockchain are joining forces
We’re working with the #TON team to make the TON & #Telegram ecosystem even more accessible to all #TrustWallet users! Stay tuned for further updates.
Explore $TON in Trust Wallet now
https://t.co/2J9OHmd6qS pic.twitter.com/lq6CQaByRP
— Trust Wallet (@TrustWallet) July 30, 2024
The TON Blockchain powers the Telegram ecosystem, spearheading decentralization through web3 initiatives. TON is among the fastest-growing networks in the industry, bringing together project founders, developers, and users.
Trust Wallet is a leading mobile crypto wallet that offers secure storage, buying, swapping, and managing of various cryptocurrencies and NFTs. It simplifies user interaction with decentralized applications (DApps) and supports multiple blockchains, making it a versatile tool for crypto enthusiasts.
Toncoin Price Gains After Key Support
Toncoin price finally found support at $6.5, an area reinforced by an ascending trendline, which allowed bulls to push for a trend reversal. Traders have been fighting a solid downtrend after TON topped at $8.28 all-time highs.
Bearish signals from the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) compelled traders to short Toncoin. The RSI had sustained downward movement in the neutral region since the beginning of July.
If the price stabilizes above the trend line by the end of the week, bullish momentum may increase, allowing for a potential breakout through the $7.5 resistance level and a subsequent move toward $10.
The MACD could confirm a buy signal on the daily chart and catalyze the uptrend. To leverage this indicator for Toncoin price, traders must first confirm the blue MACD line crossing above the red signal line amid a general upward trend to the neutral area before placing buy orders.
Initially, $7.5 is the primary profit target. However, if the price surpasses this level, Toncoin could rally to $8 and even enter a discovery phase aiming for new all-time highs.
Conversely, a death cross pattern increases the risk of a continued correction below the trend line and support at $6. This pattern formed after the 20-day EMA flipped below the 50-day EMA. Depending on the strength of the headwinds, a more prominent sell-off to $5 cannot be ruled out.
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