Toncoin Bounces Back to Previous Price Levels After Recent Turmoil

• Toncoin price recorded a 2.99% increase in the last 24 hours as per CMC data. 
• The altcoin has shown significant signs of  price recovery from its recent price dip.

The cryptocurrency sector witnessed a turmoil of emotions during this week observing market prices. Leading digital assets caused uncertainty as they struggled to overpower the prolonged bearish sentiments persisting since the last few weeks of August. However, in the past day, Bitcoin and other altcoins succeeded in a price recovery. 

On the other hand, Telegram-based Toncoin has sustained its previous bullish turn over the week and has reclaimed its previous price levels. In the last 24 hours, the token recorded an additional 2.99% price increase as per CMC data. At the time of writing, TON was trading at $5.72 after the aforementioned price increase. 

Moreover, Toncoin had witnessed a significant price drop during the controversial arrest of Telegram co-founder Pavel Durov in France. At the time, TON slid below $5 to a support level of $4.446 on September 7. However, in the following week, as aforementioned, the altcoin bounced back above $5. 

Notably, Pavel Durov was arrested by the French police on August 25 for allegations relating to the occurrence of criminal activity within the messaging app. He was held in police detention for four days before receiving bail from the French jurisdiction. The Toncoin price showed increased volatility between the occurrence of these incidents. 

Toncoin Price Weekly Overview

Zooming out from the 4-hour price chart, Toncoin shows a weekly performance of a 22.95% price increase. At the beginning of the week, the altcoin traded at a low of $4.6116 after which it sparked bullish candles. The CMC weekly chart shows prices climbing steadily to reach current trading levels. 

Additionally, Toncoin’s short-term 9-day MA stands above the long-term 21-day MA indicating the bullish trend. This positive sentiment is further indicated by the token’s RSI standing at 65.99 as per TradingView reports. The RSI indicates the token leaning slightly towards an overbought situation. 

Meanwhile, the TON network also recently witnessed block outages following the launch of the ecosystem’s new memecoin DOGS. 

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