Toncoin, Telegram continues to struggle to recover from a downtrend following the arrest and subsequent release of its CEO Pavel Durov. However, the cryptocurrency is attempting to regain lost ground as investor behavior appears to be on the rise again. Toncoin’s price could soon begin to recover as recent data suggests a decline in active deposits.
What’s Happening on the Toncoin Front?
This process may signal a decrease in selling pressure and increased confidence among Toncoin investors. After Pavel’s arrest, active deposits increased, leading to panic selling. However, these deposits are now falling at the same pace, indicating that the initial panic is fading. As stability returns, investor confidence may strengthen, paving the way for a price recovery for Toncoin. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Toncoin’s The overall macro momentum is indicating a possible transition from bearish to bullish territory. The MACD data is indicating a trend reversal, with the red bars on the MACD histogram declining, indicating bearish momentum. This decline suggests that the downward pressure on Toncoin may be weakening.
MACD As it is turning higher, it reinforces the idea that the selling pressure may be ending. A transition to green bars on the histogram will confirm a reversal of the downtrend. For Toncoin, this process could signal the beginning of a new upward trajectory that could potentially lead to a sustainable recovery.
TON Graphic Analysis
Right now Toncoin, It is trading at $5.36, still reeling from the 23% crash that took place towards the end of August. Despite the pullback, the cryptocurrency is showing signs of life as it attempts to overcome recent losses. The key resistance level of $5.49 is now critical, and breaking through this barrier could open the door to a rally.
As broader market conditions change and selling pressure eases, a breakout of the $5.49 resistance looks increasingly likely. If Toncoin can turn this resistance into support, it could trigger a rally and potentially push the price towards $6.04, a critical psychological level for traders. However, it is important to note that Toncoin has tested the range between $5.49 and $4.85 in the past, forming a consolidation zone. If the price remains in this range, it could invalidate the bullish view and delay a significant price recovery.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
