Toncoin Price Analysis: Price Recovers Despite The Recent Turbulence

As of late August 2024, Toncoin (TON) has experienced serious price inconstancy. The cryptocurrency is currently trading around $5.50, marking a substantial decline from its all-time high of $8.24 in June 2024. Despite this drop, Toncoin remains well above its early 2024 price of $2.16, reflecting a solid year-to-date performance.

Impact of Telegram CEO’s Arrest on Toncoin Price

One of the key events that have shaped Toncoin’s price recently is the arrest of Telegram CEO Pavel Durov on August 24, 2024. Durov, who is closely associated with the development and promotion of TON, was arrested in France on charges related to money laundering and drug trafficking facilitated through the Telegram app. This arrest led to a sharp 22% decline in Toncoin’s price, highlighting the cryptocurrency’s sensitivity to news related to Telegram.

However, Toncoin’s price began to recover following Durov’s release on bail. The event sparked widespread support on social media, with users purchasing TON as a sign of solidarity. This movement, combined with the #FreePavelDurov hashtag trending on X (formerly Twitter), contributed to a rebound in TON’s price, suggesting strong community backing despite legal challenges.

Toncoin Price History and Future Prognosis

Launched in 2021, TON reached an initial high of $4.50 but has since experienced a correction and gradual climb. 2024 saw a significant increase, culminating in the June all-time high. As of today (August 30th), TON sits around $5.57, reflecting some post-arrest recovery. 

Looking forward, Toncoin’s price is expected to remain volatile. Analysts predict that TON is currently in the fourth wave of a five-wave increase, which began in June 2022. This wave pattern suggests that the current price correction may continue for some time, potentially extending into December 2024.

• Short-Term Prediction (End of 2024): Toncoin could reach around $6.30, assuming the fourth wave completes, and the fifth wave initiates before the end of the year.
• Mid-Term Prediction (End of 2025): The completion of the five-wave cycle could push TON to an all-time high of $10.86, followed by a correction, bringing it back to approximately $5.40.
• Long-Term Prediction (End of 2030): Based on historical daily price increases, Toncoin might see a gradual rise, potentially reaching $27 by the end of 2030.

Technical Analysis

Despite the slow pace of the bullish recovery, technical indicators suggest that upward momentum remains likely. A bullish divergence in the daily RSI points to the possibility of a double-bottom reversal. Additionally, the MACD indicator shows a slight reduction in the bearish momentum, hinting at a potential bullish crossover.

A double-bottom reversal near the $5 psychological level could be on the horizon, but the critical resistance at $5.94 must be overcome for further gains. A bullish breakout would challenge the overhead resistance trend line. However, volatility is expected to remain high due to ongoing legal proceedings involving Durov, with support levels identified at $4.86, $4.34, and $3.56.

Toncoin Market Cap

TON boasts a market cap of $14.07 billion, ranking it as the 9th largest cryptocurrency. This strong market cap suggests potential for future growth. 

Conclusion

Toncoin’s price recovery and future potential are closely tied to developments within the Telegram ecosystem and the broader crypto market sentiment. While the recent legal issues surrounding Telegram’s CEO have introduced short-term volatility, Toncoin’s robust community support and the technical wave analysis suggest that it has the potential to recover and even surpass its previous highs in the coming years. However, investors should remain cautious and conduct deep trials of the latest updates and detailed technical analysis.