As a seasoned researcher with over two decades of experience in analyzing the cryptocurrency market, I have witnessed countless peaks and valleys, bull runs, and bear markets. The recent volatility in Toncoin (TON) has been particularly fascinating to observe, given its association with Telegram.
By August 2024, Toncoin (TON) has seen significant fluctuations in value. Right now, it’s being traded at approximately $5.50, representing a significant decrease from its peak of $8.24 in June 2024. However, despite this dip, Toncoin is still significantly higher than its early 2024 price of $2.16, demonstrating a strong year-to-date growth.
Impact of Telegram CEO’s Arrest on Toncoin Price
As a crypto investor, I’ve noticed that one significant factor influencing Toncoin’s price movement lately has been the August 24, 2024 arrest of Telegram CEO, Pavel Durov, in France. Known for his role in TON‘s development and promotion, Durov was accused of money laundering and drug trafficking facilitation through the Telegram app. This event triggered a steep 22% drop in Toncoin’s price, underscoring its close association with Telegram and how news related to it can significantly impact its value.
After Durov’s release on bail, Toncoin’s price started to rise again. This was fueled by widespread support on social media, where people were buying TON as a show of solidarity with him. The trending #FreePavelDurov hashtag and the involvement of X (formerly Twitter) further boosted TON’s price, implying that the community remains strong even in the face of legal issues.
Toncoin Price History and Future Prognosis
2021 marked the debut of TON, which peaked at $4.50 initially but subsequently went through a correction and a steady ascent. The year 2024 witnessed a substantial surge, peaking in June at an all-time high. Currently (August 30th), TON is hovering around $5.57, demonstrating some recovery following an arrest, suggesting it’s rebounded somewhat post-arrest.
Moving ahead, it’s anticipated that Toncoin’s price will continue to be unpredictable. Analysts propose that we are currently in the fourth phase of a five-phase upward trend, which started in June 2022. This pattern indicates that the current price adjustment might last for a while, possibly stretching 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
Although the bullish recovery seems to be progressing slowly, technical signs indicate that an uptrend could persist. A bullish divergence on the daily RSI implies a possible double-bottom reversal scenario. Furthermore, the MACD line suggests a decrease in bearish power, potentially signaling an upcoming bullish crossover.
Looking ahead, there might be a potential double-bottom pattern forming close to the significant $5 mark. However, to continue upward momentum, it’s crucial to surpass the resistance at $5.94. A strong breakout could test the existing resistance trend line, but keep in mind that volatility is likely to persist due to Durov’s ongoing legal matters. Potential support levels are seen at $4.86, $4.34, and $3.56.
Toncoin Market Cap
TON currently holds a market value of approximately $14.07 billion, placing it among the top 9 largest cryptocurrencies. Its substantial market capitalization hints at promising opportunities for future expansion.
Conclusion
The price growth and future prospects of Toncoin are significantly influenced by advancements within the Telegram community and overall crypto market trends. Although temporary market fluctuations may occur due to recent legal concerns involving Telegram’s CEO, Toncoin’s strong backing from its community and positive wave analysis indicate a potential for recovery and potentially exceeding past records in the near future. It is essential, however, for investors to exercise caution, thoroughly examine the latest updates, and conduct in-depth technical analysis before making investment decisions.
Read More
- ZK PREDICTION. ZK cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- DYM PREDICTION. DYM cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- Top gainers and losers
- TURBO PREDICTION. TURBO cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- ROSE PREDICTION. ROSE cryptocurrency
- VINU/USD
- BTC PREDICTION. BTC cryptocurrency
2024-08-30 17:04