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Toncoin’s value has been on a downward trend since Telegram CEO Pavel Durov’s arrest on August 24. Currently trading at $5.45, the token’s price has dropped by 20%. Despite this decline, an analyst suggests the Telegram-based asset could outperform the broader market in September. Bitget Research Chief Analyst Ryan Lee noted that the drop in TON’s price since Durov’s arrest does not signify a serious collapse.
Famous Figure Comments on Toncoin
According to Lee, the double-digit decline mirrors Bitcoin’s performance, which has recently struggled to surpass the $60,000 mark. Lee also noted that despite recent struggles, TON has outperformed Ethereum. At the time of writing, Ethereum is trading at $2,523, reflecting a 24% decline over the past month amid the ongoing downtrend:
“TON has recently experienced a decline due to negative news, but despite major bad news like the arrest of Telegram’s founder, we noticed that TON’s price did not experience a serious collapse and instead showed significant resilience and recovery. Over the past 30 days, TON’s decline was almost at the same level as Bitcoin’s and significantly outperformed Ethereum.”
Lee observed that despite the negative press surrounding Pavel Durov’s arrest, the overall sentiment for TON remains bullish. He attributed this resilience to the unity among the TON ecosystem’s founders, projects, and supporters, which resulted in a noticeable absence of FUD on social media.
TON Chart Analysis
Evaluating TON’s price performance on the daily chart indicates potential for further short-term declines. Currently, the altcoin is trading well below the Leading Span A and Leading Span B that form the Ichimoku Cloud indicator.
This indicator helps identify trends, support and resistance levels, and potential market reversals. Trading below the cloud indicates a bearish trend for TON, with the cloud acting as a resistance level and sellers currently dominating the market.
Additionally, TON’s declining Relative Strength Index (RSI) further confirms the selling pressure, with the RSI currently at 38.22, below the 50-neutral line. This selling activity indicates that selling pressure outweighs buying pressure among market participants. If the selling pressure continues, TON’s price could drop to $4.74, invalidating Lee’s bullish forecast of $6.5 to $7.
