Toncoin (TON) has been facing challenges in breaking free from a bearish trend, with the arrest and subsequent release of Telegram CEO Pavel Durov adding to the pressure. However, there are indications that the tide may be turning as selling pressure eases and investor behavior shifts towards a more bullish stance.
Recent data shows a decline in active deposits for Toncoin, suggesting that the panic selling triggered by Pavel’s arrest is subsiding. As stability returns, investor confidence could strengthen, potentially leading to a price recovery for Toncoin.
The Moving Average Convergence Divergence (MACD) indicator also points towards a possible trend reversal, with the red bars on the MACD histogram indicating bearish momentum receding. This decline suggests that the downward pressure on Toncoin may be weakening, and a bullish crossover on the MACD could signal the start of an upward trajectory.
Currently trading at $5.36, Toncoin is still recovering from a 23% crash in August. However, it is showing signs of life as it attempts to overcome recent losses. Breaking through the key resistance level at $5.49 could pave the way for a rise towards $6.04, a critical psychological level for investors.
It’s worth noting that Toncoin has previously tested a consolidation zone between $5.49 and $4.85. If the price remains within this range, it could invalidate the bullish outlook and delay any significant price recovery. However, with selling pressure declining and broader market conditions shifting, there is a growing possibility of Toncoin experiencing a sustained rally in the near future.