Toncoin, the cryptocurrency associated with Telegram CEO Pavel Durov, is experiencing difficulty in reversing its downward trend following Durov’s arrest and subsequent release. Despite these challenges, recent investor behavior indicates potential signs of recovery for Toncoin. Data reveals a decrease in active deposits, which may lead to a stabilization in the market.
What’s Happening with Toncoin?
The reduction in active deposits might indicate a decrease in selling pressure and a rise in investor confidence. After Pavel Durov’s arrest, there was an increase in active deposits, causing panic selling. However, the current decline in deposits suggests that the initial panic is dissipating. As the market stabilizes, investor confidence might strengthen, which could pave the way for a price recovery for Toncoin.
TON Chart Analysis
Currently trading at $5.36, Toncoin remains affected by the 23% drop that occurred in late August. Nevertheless, it is showing signs of resilience. The crucial resistance level of $5.49 is now in focus, and surpassing this hurdle could lead to an upward trend.
As overall market conditions improve and selling pressure diminishes, breaking the $5.49 resistance is becoming more feasible. Should Toncoin turn this resistance into support, it could initiate an uptrend, possibly pushing the price towards $6.04, a significant psychological milestone for investors. However, if the price remains within the range of $5.49 to $4.85, it could invalidate the bullish outlook and delay a substantial price recovery.
Key Insights for Investors
– Monitor the MACD histogram for a transition to green bars, which could signal the end of selling pressure.
– Watch for the price to break the $5.49 resistance to confirm an upward trend.
– Be cautious of the consolidation zone between $4.85 and $5.49, as staying within this range might delay recovery.
In conclusion, Toncoin is navigating a challenging recovery phase influenced by recent events surrounding its CEO. However, diminishing selling pressure and improving market conditions could lead to a potential price rebound. Investors should keep an eye on key resistance levels and market indicators to make informed decisions.