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Toncoin, Telegram CEO Pavel Durov’s arrest and subsequent release continue to struggle to break free from its downward trend. However, the cryptocurrency is trying to regain lost ground as investor behavior shows signs of recovery. Toncoin’s price may soon start to recover as recent data indicates a decline in active deposits.
What’s Happening with Toncoin?
This process could signal a reduction in selling pressure and increased confidence among Toncoin investors. After Pavel’s arrest, active deposits increased, leading to panic selling. However, these deposits are now falling at the same rate, indicating that the initial panic is subsiding. As stability returns, investor confidence may strengthen, paving the way for a price recovery for Toncoin.
Toncoin’s overall macro momentum indicates a possible transition from a bearish to a bullish zone. The MACD data suggests a trend reversal with the decline in red bars on the MACD histogram, indicating bearish momentum. This decline shows that the downward pressure on Toncoin may be weakening.
MACD turning bullish strengthens the idea that selling pressure may be ending. The transition to green bars on the histogram will confirm the reversal of the bearish trend. For Toncoin, this process could potentially signal the start of a new bullish trajectory leading to a sustainable recovery.
TON Chart Analysis
Currently, Toncoin is trading at $5.36, still shaken by the 23% crash towards the end of August. Despite this decline, the cryptocurrency shows signs of life as it tries to overcome recent losses. The key resistance level of $5.49 is now critical, and breaking this barrier could open the door to an uptrend.
As broader market conditions change and selling pressure decreases, breaking the $5.49 resistance seems increasingly likely. If Toncoin can turn this resistance into support, it could trigger an uptrend and potentially push the price towards $6.04, a critical psychological level for investors. However, it is important to note that Toncoin has previously tested the range between $5.49 and $4.85, forming a consolidation zone. If the price remains in this range, it could invalidate the bullish outlook and delay a significant price recovery.
