Following the arrest of Pavel Durov, CEO of Telegram on 24th August, Toncoin has recorded a drop of 32.97% in valuation. This has raised concerns on a great level about the future of the 9th largest cryptocurrency by market capitalization.
However, with the release of Durov, the Toncoin price has started stabilizing. Moreover, amid an ongoing bullish rebound, the price has successfully regained momentum by surpassing its $5.155 level.
Planning on investing in this altcoin but concerned about its prospects? Dive in as this article might just be the one for you.
TON Price Records A Bullish Reversal
After trading under a bearish sentiment for the past few weeks, the altcoin has recorded a jump of 14.49% within the past 3 days. The Toncoin price experienced a bullish bounceback in its price chart. Further, the altcoin has been trading within a descending channel pattern since August.
The altcoin has added 3.89% within the past day with a trading volume of $265.39 million. Despite recording a correction of ~20% during the past month, it has a YTD return of ~130%. With this, it has reclaimed the 9th position with a capital of $13.442 billion.
Toncoin Market Sentiments
The EMA 50/200-day has displayed steady stability in the price chart. This indicates an increase in the bullish influence within the crypto market.
The Moving Average Convergence Divergence (MACD) has recorded a rising green histogram with a bullish convergence in the 1D time frame. With this, the Toncoin crypto is projected to continue gaining value in the coming time.
Will TON Price Hit $6?
If the market holds the Toncoin price above its support level of $5.155, the altcoin will head toward its resistance level of $6.415 in the coming time. Maintaining the price at that level will set the stage for it could result in it heading toward its upper high of $7.680.
Conversely, a bearish reversal could pull the price toward its support trendline of the descending channel pattern. Moreover, if the bearish sentiment intensifies, the altcoin could plunge toward its low of $4.
Also read, Toncoin Price Prediction 2024 – 2030
Source: https://coinpedia.org/price-analysis/toncoin-ton-price-bullish-reversal-hints-50-surge/