In the past 24 hours, Toncoin (TON) has demonstrated mild upward movement. According to data from CoinMarketCap (CMC), the altcoin’s daily trading volume has declined by 35.03%. This decrease comes amidst recent high-profile events involving Telegram and Toncoin, which have kept both in the spotlight.
Over the last two weeks, the cryptocurrency world has been abuzz with news related to Telegram, especially following the arrest of the app’s co-founder in France. This incident has had a significant impact on Toncoin, causing increased volatility in its price. The token experienced notable fluctuations, reflecting the broader uncertainty in the market.
In recent hours, Toncoin has shown a modest price increase of 2.06%, recovering slightly from a weekly low of $4.561 recorded on September 4. At the time of writing, Toncoin is trading at $4.661 according to CMC data. Despite the decline in daily trading volume, the price has been marked by bullish candles, suggesting a potential recovery phase.
However, when viewed over the past week, Toncoin’s performance reveals a 15.85% decline. The token began the week trading at $5.592 but experienced a downward trend as the week progressed. Increased volatility was evident in the last week of August, as indicated by its Relative Volatility Index (RVI).
What to Expect for Toncoin Price in the Coming Days?
Adding to the recent turbulence, CoinMarketCap experienced a glitch on September 3 that caused Toncoin’s market cap on the platform to plummet by 98%. This glitch fueled market speculation and further added to the altcoin’s volatility.
Looking ahead, Binance announced on September 3 that Toncoin would be included in its Simple Earn Locked Products. This news initially led to expectations of a bullish run for the altcoin. However, despite the positive sentiment, Toncoin’s price continued to slide below the $5 mark.
According to TradingView data, the token’s Simple Moving Average (SMA) is currently positioned above the current price, indicating an overall bearish trend. Additionally, Toncoin’s Relative Strength Index (RSI) stands at 30.53, reflecting significant selling pressure in the market.
Nonetheless, if Toncoin can maintain its current momentum and sustain the price recovery, it may potentially break through its previous resistance level of $5. Conversely, if the token fails to capitalize on the positive movement, it might fall back to its previous support levels.