Toncoin Price Surges 2% in a Week Despite Regulatory Pressure on Its Associated Platform, Telegram

The Toncoin price has slipped 0.66% in the past 24 hours, with the TON/USD trading at $5.59. Its 24-hour trading volume has notably plunged 8% to $192 million, suggesting dwindling market activity in the TON market. TON is now up 2% in a week despite a fall of 1% in a month and a whopping increase of 150% in a year. 

Meanwhile, TON is showing resilience, maintaining its upward momentum even as regulatory pressures mount on its associated platform, Telegram. Recently, the cryptocurrency’s value surged amid the challenges faced by the TON ecosystem, primarily due to regulators’ demands that Telegram disclose users’ IP addresses.

BREAKING‼️

Telegram will share users’ IP addresses and phone numbers” to governments when legally required.

Founder & CEO Pavel Durov was arrested in France last month.#telegram pic.twitter.com/y4j7ws8w5Z

— Jay Maurya (@jaymaurya94) September 24, 2024

On the other hand, with growing institutional interest, Toncoin is expected to outperform Bitcoin in spot returns under a bullish scenario. This comes following Bitgets’ prediction that the TON ecosystem will be “de-Telegramized” in the next two years to mitigate regulatory risks.

🌐 #Bitget predicts a “de-Telegramization” of the #TON ecosystem in the next 2 years to mitigate regulatory risks. Toncoin is expected to outperform Bitcoin in spot returns under a bullish scenario, with rising institutional interest. 🚀#Crypto #Bitcoin #Blockchain #Toncoin pic.twitter.com/ftKO9TtnN1

— NOWALL (@nowall888) September 24, 2024

Toncoin Statistical Data

Based on CoinmarketCap data: 

• TON price now – $5.59
• Trading volume (24h) – $192 million
• Market cap – $14 billion
• Total supply – 5.11 billion
• Circulating supply – 2.53 billion 
• TON ranking – #9

Toncoin Price Aims for a Break Out Above the Consolidation Phase

The TON buyers have gathered some stamina at around the $5.59 support zone, attempting to break out of the consolidation phase. However, a fierce tug-of-war between the bulls and the bears forces the TON price into a rectangle pattern. Over the past few days, the Toncoin price has been stuck in a tight range, with the upper limit/resistance at $5.84 and the lower limit/support at $5.42

This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong move upward. Moreover, the bulls might capitalize on the golden cross that manifested on September 20 at around the $5.58 level. Based on the technical Information, there is a tug-of-war between the bulls and the bears. However, the odds seem to lean to the upside. 

The TON price trades well above the 50-day Simple Moving Average(SMA)(green) and the 200-day Simple Moving Average (SMA) (blue). In this scenario, the TON bulls have established strong support at $5.45 and $5.59 levels, painting the TON market bullish. 

The Relative Strength Index, on the other hand, sits slightly below the 50-mean level at 48.89. Moreover, it shows some consolidation, suggesting that the bulls and bears fiercely struggle to control the market. Increased buying pressure will cause the RSI to hurtle above the 50-mean level and vice versa.

The Moving Average Convergence Divergence (MACD) indicator upholds a bearish outlook. Moreover, a potential downtrend is on the cards, reaching lower than the immediate support at $5.45. The sell signal is evident in the Toncoin market, with the blue MACD line crossing below the orange signal line. Traders are inclined to continue selling TON unless the trend in the MACD changes.

TON Price Prediction

According to the 4-hour chart analysis, the Toncoin market suggests a mixed reaction. Meanwhile, if the buyers take advantage of the golden cross formed at around $5.84, the TON bulls could trigger a bullish rally, reaching the $7 mark. In a highly bullish scenario, the TON price could eye the $10 mark in the coming days.

Conversely, the TON price could drop if the sellers capitalize on the MACD, which suggests a sell signal. In such a case, a slip below the $5.59 support zone will see declines that will see the TON price retest the $5.45 support area.