As a seasoned researcher with over two decades of experience in the ever-evolving crypto landscape, I find myself intrigued by the recent events surrounding Telegram’s TON and its cryptocurrency, Toncoin. The arrest of Pavel Durov and subsequent release has indeed left an indelible mark on the coin’s trajectory, with investors eagerly watching the unfolding drama.
As a researcher, I’ve found myself closely following recent developments surrounding Telegram’s digital currency, TON, also known as The Open Network. Over the past few weeks, this project has been under intense scrutiny due to the arrest of its CEO, Pavel Durov, by French law enforcement authorities.
On the other hand, his discharge appears crucial for reigniting investor optimism. As network activity escalates and more tokens are staked, Toncoin seems to be gearing up for a resurgence.
Let’s look at the news surrounding this crypto and draw some TON coin price analysis.
TON Crypto Staking
As a researcher, I observed a significant surge in activity within the TON network. Specifically, daily transactions jumped from 11.2 million to an impressive 14.6 million between September 9th and 10th. This spike is quite substantial when compared to the last week of August, a period marked by the arrest of the Telegram CEO.
Additionally, the cumulative worth held in liquid staking swimming pools reached a new peak of 57.5 million.
A significant portion of this rise can be linked back to a surge in the quantity of individuals participating in liquid staking, often referred to as Tonstakers. Unlike traditional staking methods, Tonstakers can keep their tokens unlocked while still earning rewards. This innovative approach has been instrumental in attracting a growing number of investors and crypto users, leading to a spike in Toncoin’s price over the past few days.
Toncoin News
The surge in TON coin price and network activity appears to be related to the CEO’s release. Notably, when Telegram’s founder Pavel Durov was apprehended on August 25th, the value of TON coins plummeted significantly, from $6.85 to $5.30 on the same day.
During the first week of September, the free fall persisted even after Pavel was released on August 25th. However, a turnaround occurred starting from September 5th, as the coin’s price began to rise, resulting in a 16% increase by September 12th. This upturn moved the coin into the range of $5.40 – $5.50.
Ton Coin Price Prediction
Let’s examine the current trends in Toncoin pricing using a detailed, analytical approach to see if this pattern persists. To gauge price fluctuations, we employ the Exponential Moving Average (EMA) tool across two time periods.
Initially, we employ 12-day and 24-day Exponential Moving Averages (EMA) to assess short-term trends. Notably, following periods where the price dipped below both EMA lines, it subsequently surged upward, passing through both EMAs.
Simultaneously, the EMA line is inclined upwards relative to the price line, indicating a potential increase in the near future.
Looking at the TON price relative to its long-term moving averages, it’s clear that the current market price is sitting below both the 50-day and 100-day average values. Given the negative slope of these moving averages, we anticipate that the price will probably remain below $6 and hover around the $5.50 range.
Conclusion
Following the release of the network’s founder, TON coin has entered a phase of recovery after about three weeks of downward trend. The token has regained 16% of its worth over the past week, and there is increased transaction and Total Value Locked (TVL) activity on the network. Could this be a sign of Toncoin’s comeback?
Cautionary Statement: The content provided in this article serves for informational purposes only and does not constitute financial advice. Investing in digital currencies such as meme coins comes with inherent risks, so it’s essential for individuals to independently research before making any investment choices.
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2024-09-12 17:48