Telegram CEO’s Bail Puts Toncoin Back on Track, $6 on Horizon
thecryptobasic.com 29 August 2024 08:51, UTC Will Toncoin (TON) price surge back to the $6 level as Durov’s arrest releases some pressure amid the volatile market?
With Bitcoin trading below $60,000, Toncoin’s price has been fluctuating in response to the ongoing legal issues faced by Telegram’s CEO, Pavel Durov, in France. Durov was arrested last Saturday but has since been released on bail set at $5.56 million. This development has alleviated some of the bearish pressure on Toncoin, potentially increasing its chances of an uptrend.
Can Toncoin reclaim the $6 level following Durov’s release?
Toncoin Strongly Holds $5
Following the massive three-day drop of 23.43% due to Pavel Durov’s arrest in France, the Toncoin took a massive reversal from an overhead trendline. The downfall found support at the $5 psychological mark, resulting in a positive turnaround. Standing at a crossroads, will Toncoin bounce back?
With the bullish exhaustion, the TON price jumped 6.04% on Tuesday, followed by a 1.47% jump yesterday. The price jump yesterday aligns with Durov’s bail by spending an amount of $5.56 million.
Following the bail, Toncoin has increased by 0.72% today as it is trading at $5.56, forming the third consecutive bullish candle. However, Toncoin struggles to overcome the influence of the massive 11% crash on Monday.
As the bullish recovery is slow, despite the bullish recovery being slow, the technical indicators support the upside chances.
With a bullish divergence in the daily RSI line, a double-bottom reversal is possible. Meanwhile, the MACD indicator reveals a slight decrease in the intensity of the bearish histograms, projecting a potential bullish crossover.
Is Toncoin Ready For Recovery?
A double-bottom reversal from the $5 psychological mark is possible. However, the $5.94 resistance level will be critical for the TON prices to surpass. A bullish breakout will test the overhead resistance trend line.
Meanwhile, the volatility will be high with the ongoing proceedings in the Durov case. Despite being released from custody, Durov will have to appear in court, leading to increased fluctuations. On the flip side, the support levels are at $4.86, $4.34, and $3.56.
