Toncoin Price Stabilizes Near $2 After Rebranding News

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

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Price Recovery: Toncoin's price stabilized around $2.03 after Pavel Durov proposed rebranding it back to Gram, despite briefly exceeding $2.20 on June 1, indicating strong market interest in the token.
Surge in Trading Volume: The rebranding has led to a significant increase in Toncoin's trading volume, reflecting traders' expectations for tighter integration between Telegram and The Open Network, thereby enhancing market activity.
Technical Analysis: Toncoin's price has established a double-bottom formation in late May, with support in the $1.75-$1.80 range, and has reclaimed the neckline at $1.92, indicating buyer control over the short-term trend.
Market Sentiment: Despite pressures in the broader digital asset market, Toncoin's Aroon Up indicator has risen above 92, suggesting strengthening upward momentum, while derivatives traders remain optimistic about future price increases.

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Technical Analysis for TON

Technical Sentiment Analysis for Toncoin (TON). As of , Toncoin (TON) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 2 indicators are flashing buy, while 1 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TON stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, TON is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Toncoin (TON) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1.041	1.369	1.626	1.954	2.211	2.539	2.796
Fibonacci	1.369	1.592	1.73	1.954	2.177	2.315	2.539

About TON

Toncoin (TON) is the native cryptocurrency of the decentralized layer-1 blockchain, The Open Network (TON). The TON blockchain is open-sourced and supported by many network contributors, including the Switzerland-based non-profit organization, the TON Foundation.Since 2017, the Telegram team had been developing the codebase for a blockchain network, then named Telegram Open Network (TON), with a native cryptocurrency named 'Gram.' In May 2020, Telegram founder and CEO Pavel Durov announced the end of Telegram's involvement with the TON Blockchain following a court order by the SEC. The Gram token was never issued.Since 2020, the technology has been developed by an independent community of developers and blockchain enthusiasts. The non-profit TON Foundation is the most prominent of these supporters. The blockchain was renamed from 'Telegram Open Network' to 'The Open Network,' with Toncoin now the native cryptocurrency of the TON network. The whitepaper contains part of the original codebase written by Dr. Nikolai Durov, co-founder of Telegram and brother of Pavel Durov. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability.TON Foundation's vision is to empower 500 million users to own their digital identity, data, and assets by 2028 by empowering developers to build a Web3 ecosystem in Telegram Messenger.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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