TON is living its best days thanks to this project... Did we miss the opportunity to buy?

After three days of strong growth, Toncoin (TON) caught its breath on Thursday, falling below the $4 threshold after peaking at $4.58 on Wednesday. This current bullish move began on Monday, when TON was worth around $2.8.

TON coin price rises in the face of Telegram's desire to go public

The digital currency Toncoin recorded gains of +63.5% in less than 3 days. But then it dropped significantly and is now trading at $3.85. Thus, the price of TON at the time of writing this article shows a drop of 5.6% over 24 hours. But it maintains gains of 40.5% over a week, making it one of the best performing cryptocurrencies this week.

In addition to the overall positive mood in the cryptocurrency market associated with Bitcoin ETFs, Toncoin (TON) has also clearly benefited from news that concerns it more directly. To fully understand, we must first remember that the Telegram platform is at the origin of the creation of TON, even if it no longer manages the cryptocurrency today.

• Read more : Here's how to pay with cryptocurrencies on Telegram

In addition, Telegram has made the TON network the reference blockchain for its infrastructure For Web 3 Last September. In other words, Toncoin and Telegram are actually two separate entities. They nevertheless remain closely linked in the eyes of investors.

This explains why Toncoin reacted so strongly earlier this week after Telegram announced a possible IPO. The social media platform's CEO, Pavel Durov, told the Financial Times that he "sees the value" of the IPO in "democratizing access" to Telegram's value.

However, after 3 days of strong growth, it seems that the positive impact of this news has already diminished. Toncoin has already shown a decline of over 26.8% from yesterday's peak.

A correction now seems to be the scenario favored by Toncoin

From a technical analysis point of view, the correction that has appeared since yesterday's peak is not yet sufficient to call into question the upward bias of the daily chart. But it is clear that the balance is no longer tilted upwards in the short term.

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Additionally, despite last night's decline, the RSI remains in overbought territory. Which indicates that Price in TON It still has room for growth before resuming its rally.

As for important thresholds, $4 represents immediate support. Although bullish, Wednesday's high of $4.6 and the $5 threshold will be the first two hurdles to consider.

In other words, it seems that it is already too late to benefit from the rise of Toncoin. Therefore, traders should consider other opportunities, and perhaps consider cryptocurrencies before selling.