Convergence

bullish

Toncoin

Divergence

Toncoin (TON) price, an altcoin developed by Telegram, has recently managed a modest recovery following a significant downturn. Over the previous week, Toncoin’s value fell by 17% as it struggled to rally in the market. Despite these challenges, the cryptocurrency has shown signs of resilience, hinting at potential stability shortly.&nbsp;
<h2 id="strong-toncoin-price-rallies-after-recent-drop-signs-of-a-bullish-trend-strong">Toncoin Price Rallies After Recent Drop: Signs of a Bullish Trend?</h2>
The<a href="https://coingape.com/toncoin-ton-soars-5-as-telegram-founder-receives-massive-community-support/" rel="noopener noreferrer nofollow"> price of Toncoin</a> has displayed impressive stability despite broader market downturns following Telegram’s CEO Peter Durov’s recent arrest in France on August 26. He faces charges ranging from terrorism to money laundering.&nbsp;
The <a href="https://coingape.com/why-is-bitcoin-and-crypto-market-crashing-today/" rel="noopener noreferrer nofollow">crypto market </a>plunged sharply on August 28, driven by widespread liquidations and institutional offloading. While major cryptocurrencies like Bitcoin and <a href="https://coingape.com/ethereum-whale-offloads-24m-eth-whats-next-for-eth-price/" rel="noopener noreferrer nofollow">ETH</a> experienced significant losses, Toncoin has remained resilient and has outperformed its peers.
Over the past 24 hours, the Toncoin price has fluctuated notably, ranging between a low of $5.15 and a high of $5.89. At the time of writing, the<a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/toncoin/"> TON price</a> hovers at $5.47, marking a 1.18% increase within the day.&nbsp;
This recent price movement is part of a broader cryptocurrency performance trend. It has experienced significant growth of 1305% from its all-time low of $0.3906 recorded three years ago. However, the coin is still trading down 33.37% from its all-time high of $8.24, which it reached two months ago.
<h2 id="strong-more-bullish-signals-or-bearish-pressures-ahead-strong">More Bullish Signals or Bearish Pressures Ahead?</h2>
A recent analysis of Toncoin’s price movement suggests a promising bullish trend. If this positive momentum persists, Toncoin will surpass the $8 level. With sustained growth, it could approach $9 and potentially hit the $10 milestone soon.
The Moving Average Convergence Divergence (<a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a>) shows that the cryptocurrency is experiencing bearish momentum. The MACD line is positioned below the signal line. A downward movement in the MACD histogram further corroborates this, indicating increasing bearish pressure.
<figure id="attachment_214496" aria-describedby="caption-attachment-214496" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214496" src="https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-28_20-38-40.png" alt="Can Toncoin Price Rebound to $10 Amid Recent Market Turbulence? " width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-28_20-38-40.png 1154w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-28_20-38-40-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-28_20-38-40-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/TONUSDT_2024-08-28_20-38-40-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-214496" class="wp-caption-text">
 Toncoin Price Chart| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/UlMVlOh7/">TradingView</a>
 </figcaption>
</figure>
According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/TON">Coinglass</a> data, the recent movements in the financial markets show a mixed signal regarding investor sentiment and market liquidity. The total trading volume has surged by 60.88% to $2.65 billion, suggesting a significant increase in trading activity.&nbsp;
However, open interest has declined by 1.19%, totaling $344.24 million, indicating a weak bullish trend as fewer traders are initiating new positions in anticipation of future price increases.&nbsp;
<figure id="attachment_214497" aria-describedby="caption-attachment-214497" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214497" src="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27.png" alt="Can Toncoin Price Rebound to $10 Amid Recent Market Turbulence? " width="1352" height="314" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27.png 1352w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27-300x70.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27-1224x284.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27-768x178.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-27-150x35.png 150w" sizes="(max-width: 1352px) 100vw, 1352px">
 <figcaption id="caption-attachment-214497" class="wp-caption-text">
 Source- Coinglass
 </figcaption>
</figure>
Conversely, if market conditions turn unfavorable, the Toncoin price prediction could stabilize at around $7.30. A further downturn might push its price down to approximately $7. This reflects the typical volatility within the cryptocurrency market.
The post <a href="https://coingape.com/markets/can-toncoin-price-rebound-to-10-amid-recent-market-turbulence/" rel="noopener noreferrer nofollow">Can Toncoin Price Rebound to $10 Amid Recent Market Turbulence?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Can Toncoin Price Rebound to $10 Amid Recent Market Turbulence?

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