Toncoin Leads Crypto Market Rebound After Pavel Durov Breaks Silence
The odds appear to be shifting in favor of Telegram-linked Toncoin (TON), whose value has risen by almost 10% in the past 24 hours.
The altcoin has outperformed other cryptocurrencies during that period, thanks to Pavel Durov’s first public statement since his arrest on August 24.
In the statement, Durov expressed gratitude for the support he received following his recent arrest in France, where he was questioned by police for four days. He revealed that authorities suggested he could be held personally responsible for illegal activities on Telegram due to a lack of response from the platform.
Durov highlighted that Telegram has a designated representative in the EU to handle such requests and that French authorities had various means to reach him. He criticized the approach of holding CEOs accountable for third-party actions on their platforms, calling it a misguided application of outdated laws.
Toncoin’s performance on the 12-hour chart hints at the possibility of an extended rally.
First, readings from its Moving Average Convergence/Divergence (MACD) show its MACD line (blue) poised to cross above its signal line (orange). When this happens, it indicates a potential shift in the market trend from bearish to bullish. It suggests that the asset’s momentum is trending upward, and traders often interpret this as a buy signal.
Also, the Chaikin Money Flow (CMF), which tracks how money flows into and out of the market, attempts to cross above the zero line. When an asset’s CMF crosses above zero, it indicates that buying pressure is starting to outweigh selling pressure. Therefore, it suggests that buyers are gaining control of the market.
If this buying pressure is sustained, TON’s price could rally toward $5.32. Breaking past this critical area of resistance could increase the chances for another upward move to $5.96.
