Toncoin Price Outlook: TON Remains Green As Altcoins Tank

Toncoin price is showing strength amid a strong sell-off in altcoins. On Tuesday, most altcoin pairs tumbled as Bitcoin price fell 0.11%. At press time, TON crypto was changing hands at $2.03 after a 0.57% increase since the start of the trading session.

Bitcoin dominance has surged to 50.41%, which is the highest level since March. This can be attributed to the flow of capital from medium-capped and smaller-capped altcoins to the biggest cryptocurrency. The prolonged era of tightening has made crypto investors adopt a risk-off approach.

TON Wallet Is Now Available To 800 Million Users

In one of the most bullish developments for the holders of Toncoin, the self-custodial wallet, TON Space, is now available to 800 million Telegram users across the globe. This move is expected to accelerate the Web 3 adoption by bringing them into the TON ecosystem.

According to the team's recent X (Twitter) thread, the project is now exclusively working with Telegram to integrate its ecosystem into the social media platform. This is a massive move and quite surprising for many analysts, as Telegram had to distance itself from the TON crypto due to regulatory issues a few years ago.

Toncoin Outperforms Bitcoin

The following TON/BTC chart shows a slight uptick on Tuesday. This shows that the Toncoin price outperformed the biggest cryptocurrency by 1.27%. The positive price action suggests that many traders are still bullish on the price of the Web 3 cryptocurrency. The coin has surged 83% against Bitcoin since August 2023.

However, it is imperative not to get carried away in the ongoing Telegram integration hype. Such hype often results in at least a local top formation. The real adoption still seems to be quite far away as it is not clear yet how many users of the social media app will opt to use the TON blockchain.

Toncoin Price Prediction

As mentioned in my previous article, the TON/USD pair is having a correction, but the uptrend is still intact. The price is currently retesting the upward trendline on the daily timeframe. The latest technical analysis suggests that there are strong chances of a rebound from the $1.9-$2 region in the coming days.

My Toncoin price prediction will remain bullish as long as the price avoids a lower low on the daily chart. Considering the current state of the major indicators like RSI, MFI, and On Balance Volume (OBV), there is a high likelihood of another retest of $2.5 in the coming weeks.

However, a lot depends on the Bitcoin price action in October, which is generally a bullish month for the cryptocurrency. The history shows that the Bitcoin price gains 50% on average from October to November.