Toncoin price recorded a significant upward movement in the last 24 hours after its recent dip.
The token’s daily trading volume decreased by 40.27% as per CMC data.
The cryptocurrency market shows attempts for price recovery as it enters September’s second week. Leading crypto asset Bitcoin recorded a modest price increase over the last 24 hours. Subsequently, other altcoins also began to show green candles, amongst which very few tokens have shown significant upward movements.
Notably, Toncoin, after the recent oscillation, has begun showing signs of price recovery. The Telegram-based token recorded a 4.18% increase in the past day, after several days of downward movements. Moreover, since the Telegram co-founder’s sensational arrest in France, Toncoin has depicted an intriguing price recovery.
According to TON’s Daily price chart, the token began its upward movement in the early Asian hours of September 9. This occurred shortly after Toncoin hit an intraday low of $4.64 on September 8. The token’s upward momentum propelled it to briefly inch closer to the $5 mark as it hit an intra-day high of $4.96. At the time of writing, TON was trading at $4.91 as per CMC data.
Zooming out, in the past week, Toncoin’s price performance stands at a 5.63% decrease. This results of TON’s downward spree, post the token’s mixed signals in the second half of August. Notably, the bearish turn began in the latter part of August and persisted pulling prices to the support level of $4.44.
Meanwhile, the Telegram co-founder, Pavel Durov was released on Friday after his August 24 arrest in France. Durov stated that he would be making several reformations to the Telegram app on his X account.
Will Toncoin Price Sustain the Positive Momentum?
According to TradingView data, the Toncoin price shows anticipation for a golden MA crossover in the coming days. For such an occurrence, the token must manage to price in the current positive momentum. In the case of a bullish movement, TON might face resistance at $5.174.
TON/USDT Daily Price Chart (Source: TradingView )
However, if the bears take over, Toncoin might fall to a support level of $4.556. Additionally, the altcoin’s RSI stands at 37.92 indicating a selling sentiment among investors. This indicates the price action must overcome the current bearish trend in order to recover.
Finally, as aforementioned, the overall crypto market is attempting to turn bullish. However, leading altcoin Ethereum, has arrived late to the price recovery attempt, recording upward movements only in the last few hours.
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