Toncoin (TON) price analysis
Toncoin (TON) has recovered after its weekend bloodbath following the news of the arrest of Telegram founder Pavel Durov. As a result, TON plummeted from $6.73, dropping almost 12% on Saturday and 2.93% on Sunday to end the weekend at $5.76. As we can see in the price chart, TON faced significant selling pressure on Saturday and Sunday, hitting lows of $5.45 and $5.26, respectively. The current week began with TON still languishing in the red, dropping below the 200-day SMA after a drop of almost 11%. Monday’s crash also saw TON slip below $5.50 and settle at $5.14.
TON rallied on Tuesday as buyers returned to the market thanks to strong lower-level demand, rising over 6% and settling at $5.45. The altcoin faced substantial volatility on Wednesday, dropping to a low of $5.13 and a high of $6.04 before settling at $5.54 after an increase of 1.58%. The current session sees TON up by 1.24% as it struggles to move above the 200-day SMA, acting as a dynamic resistance level. With Durov granted bail on Wednesday, market watchers were hopeful it would have a positive impact on the TON price. However, there is no indication of a rally, with large wallet holders remaining skeptical and dumping around 123 million TON in the past 24 hours. As such, the sentiment around TON remains bearish.
TON rallied on Tuesday as buyers returned to the market thanks to strong lower-level demand, rising over 6% and settling at $5.45. The altcoin faced substantial volatility on Wednesday, dropping to a low of $5.13 and a high of $6.04 before settling at $5.54 after an increase of 1.58%. The current session sees TON up by 1.24% as it struggles to move above the 200-day SMA, acting as a dynamic resistance level. With Durov granted bail on Wednesday, market watchers were hopeful it would have a positive impact on the TON price. However, there is no indication of a rally, with large wallet holders remaining skeptical and dumping around 123 million TON in the past 24 hours. As such, the sentiment around TON remains bearish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.