Toncoin drops 27% after Pavel Durov's arrest. Let's take a look at the future outlook for TON price.
Toncoin (TON) Status
While The Open Network ecosystem was booming, the crypto linked to Telegram outperformed the market by recording a performance of more than 300% in less than 6 months. TON thus marked its all-time high at $8.29. Unfortunately, it was at this price level that the crypto faced selling pressure, which occurred during the overall decline of the crypto market. It was only at the $4.80 support that the crypto managed to find buying support, allowing TON to appreciate up to $7.20. However, a few days later, an unexpected event came to put pressure on the price of the crypto again: the arrest of Pavel Durov, CEO of Telegram. The crypto project, initially associated with the application, reacted immediately. Indeed, Toncoin dropped by 20% the same day of the news and continued its decline in the following days.
At the time of writing, Toncoin is trading around $5.2. The short-term trend of the crypto is bearish, however, the medium- and long-term trend remains positive. These observations are supported by the fact that the crypto is still above its 50-day and 200-day moving averages. Nevertheless, TON’s momentum seems to continue to weaken, as evidenced by the crypto’s price itself as well as its oscillators, casting doubt on the cryptocurrency’s bullish recovery.
TON/USDT Price Chart DailyThe current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.
Hypotheses for the Toncoin (TON) price
- If the TON price holds above $5, we could anticipate a break above $7. The next resistance to consider, if the upward movement continues, could be at $7.3 or even $7.7. Beyond that, we can aim for $8. At this point, this would represent an increase of almost 48%.
- If TON price fails to hold above $5, we could be looking at a return to the $4.8 levels. The next support to consider, if the bearish move continues, would be around $4.6. Further down, we can see support at $4, or even $3.9. At this point, this would represent a decline of around 27%.
Conclusion
Despite strong initial growth, the Telegram-linked crypto has been under significant selling pressure, exacerbated by unexpected events. While the medium- to long-term trend remains positive, the current momentum is showing signs of weakening, leaving uncertainties about a bullish recovery in TON. Thus, it will be crucial to carefully observe the price reaction at the various key levels to confirm or deny current assumptions. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also evolve rapidly depending on other more fundamental factors.
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