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TON news update: TAC mainnet launch could send the altcoin to $3.50
Telegram’s one billion users will be able to interact with Ethereum Virtual Machine (EVM) decentralized apps (DApps) directly within the messenger following the launch of the Tac mainnet on Tuesday. This new feature could boost DApp adoption and asset inflows into the TON network as it lowers the technical barrier to entry for mainstream users.
Could Toncoin (TON) break above its overhead resistance? Let’s analyze the charts to find out.
TON price prediction
TON rose above the moving averages and is nearing the downtrend line of the descending triangle pattern.
Instead, if the price turns down sharply from the downtrend line, it suggests that the bears remain sellers on rallies. That could keep the pair inside the triangle for some more time. Sellers will gain the upper hand if they sink the price below the $2.75 support.
Related: Ethereum's ‘crucial’ breakout hints at 30% rally versus Bitcoin next
If the price turns down from the downtrend line but bounces off the 20-EMA, it suggests a bullish sentiment. That increases the likelihood of a break above the downtrend line. The pair could rally to $3.40 and then to $3.50.
On the contrary, a drop below the moving averages suggests that the bulls are losing their grip. The pair may then slump to $2.90.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.