Toncoin moved closer to the $2.00 level on Wednesday, as markets reacted to the protocol’s partnership with Telegram. The agreement will see the token made available to over 800 million Telegram Wallet users. Stellar, on the other hand, was significantly lower, falling by nearly 8% today.
Toncoin (TON) was one of today’s biggest movers, as markets were buoyed by the news that it was partnering with Telegram.
Following a low of $1.73 on Tuesday, TON/USD rose to an intraday peak of $1.95 earlier in the day.
This surge resulted in toncoin rising by as much as 13%, nearing a recent high of $2.05 in the process.
Looking at the chart, the move led to the relative strength index (RSI) colliding with a ceiling at the 66.00 level.
Earlier gains have since faded as a result of a failed breakout beyond this point, leading to TON now trading at $1.93.
In order to move above $2.00, the aforementioned ceiling on the RSI must first be broken.
On the other side of the spectrum was stellar (XLM), which dropped by over 8% in today’s session.
XLM/USD bottomed out at $0.1195 on Wednesday, less than 24 hours after residing at a high of $0.1318.
This drop in price sees the token fall for a third consecutive day, falling below a floor at $0.1200 in the process.
It appears that today’s sell-off coincided with the RSI failing to remain above a point of support at 49.00.
Price strength is now tracking at 44.53, with the next visible zone of stability around the 37.00 region.
In the event that this level is reached, XLM will likely be trading under $0.1100.
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Will stellar continue to edge lower this week? Let us know your thoughts in the comments.