Toncoin (TON) price skyrockets to 11-month high after Telegram launches ‘Giveaways’

cointelegraph.com:

Toncoin (TON) price reached its highest levels in almost a year as crypto traders assessed a slew of optimistic updates in its market, including the recent launch of “Giveaways” on Telegram.

TON is now the 10th-biggest cryptocurrency, with a market capitalization of over $9 billion — its highest ever. 

On Nov. 6, Telegram announced Giveaways, a feature that enables channel owners to randomly distribute prizes among their followers.

A day later, Pavel Durov, the CEO of Telegram, used $200,000 worth of TON tokens to pay for Telegram Premium subscriptions for 10,000 Telegram users.

Notably, Durov used TON as a payment method within the Giveaways feature, at least for this specific case. 

TON’s price has rallied 19.5% since the Giveaways launch, coupled with a rise in its trading volumes, indicating strong buying interest. As of Nov. 8, the cryptocurrency had touched $2.71, its highest level in 11 months.

Telegram is the leading backer of Toncoin, having integrated a self-custodial wallet into its platform. That has boosted TON’s chances of greater adoption among Telegram’s 700 million monthly active users.

Furthermore, Toncoin’s recent partnership with Blockchain.com and its approval in the Dubai International Financial Centre free trade zone have served as bullish cues for traders, as shown in the upside price reactions in the chart below.

The Toncoin price chart suggests it is excessively valued from a technical standpoint.

Notably, TON’s daily relative strength index has jumped above 70, an overbought region. The RSI’s previous jumps into overbought zones have resulted in sharp price corrections.

Moreover, TON’s multimonth horizontal resistance range of $2.60–$2.70 will be tough to crack. This area has capped the Toncoin token’s