Toncoin (TON) price, an altcoin developed by Telegram, has recently managed a modest recovery following a significant downturn. Over the previous week, Toncoin’s value fell by 17% as it struggled to rally in the market. Despite these challenges, the cryptocurrency has shown signs of resilience, hinting at potential stability shortly.
Toncoin Price Rallies After Recent Drop: Signs of a Bullish Trend?
The price of Toncoin has displayed impressive stability despite broader market downturns following Telegram’s CEO Peter Durov’s recent arrest in France on August 26. He faces charges ranging from terrorism to money laundering.
The crypto market plunged sharply on August 28, driven by widespread liquidations and institutional offloading. While major cryptocurrencies like Bitcoin and ETH experienced significant losses, Toncoin has remained resilient and has outperformed its peers.
Over the past 24 hours, the Toncoin price has fluctuated notably, ranging between a low of $5.15 and a high of $5.89. At the time of writing, the TON price hovers at $5.47, marking a 1.18% increase within the day.
This recent price movement is part of a broader cryptocurrency performance trend. It has experienced significant growth of 1305% from its all-time low of $0.3906 recorded three years ago. However, the coin is still trading down 33.37% from its all-time high of $8.24, which it reached two months ago.
More Bullish Signals or Bearish Pressures Ahead?
A recent analysis of Toncoin’s price movement suggests a promising bullish trend. If this positive momentum persists, Toncoin will surpass the $8 level. With sustained growth, it could approach $9 and potentially hit the $10 milestone soon.
The Moving Average Convergence Divergence (MACD) shows that the cryptocurrency is experiencing bearish momentum. The MACD line is positioned below the signal line. A downward movement in the MACD histogram further corroborates this, indicating increasing bearish pressure.
Toncoin Price Chart| Source: TradingView
According to Coinglass data, the recent movements in the financial markets show a mixed signal regarding investor sentiment and market liquidity. The total trading volume has surged by 60.88% to $2.65 billion, suggesting a significant increase in trading activity.
However, open interest has declined by 1.19%, totaling $344.24 million, indicating a weak bullish trend as fewer traders are initiating new positions in anticipation of future price increases.
Source- Coinglass
Conversely, if market conditions turn unfavorable, the Toncoin price prediction could stabilize at around $7.30. A further downturn might push its price down to approximately $7. This reflects the typical volatility within the cryptocurrency market.
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