TON Price Analysis: TON Rebounds Above $5 as Telegram CEO Pavel Durov Walks Free

Toncoin (TON), the native cryptocurrency of the Toncoin blockchain, has experienced significant volatility in recent weeks, driven by developments surrounding Telegram and its founder Pavel Durov.

Toncoin (TON) price experienced a significant drop following the arrest of Telegram founder Pavel Durov in France. The close association between TON and Telegram led to the coin losing over 30% of its value within a short period, dropping as low as $4.45.

Concerns over the future of Telegram and its impact on TON contributed heavily to the downward momentum.

However, recent developments have brought about a slight recovery in TON price. Durov’s release on parole and his public statements regarding the arrest have sparked renewed interest in the asset.

In his comments, Durov criticized the French authorities’ handling of his arrest and reassured Telegram’s 950 million users about the platform’s future.

I'm still trying to understand what happened in France. But we hear the concerns. I made it my personal goal to prevent abusers of Telegram's platform from interfering with the future of our 950+ million users.

My full post below. https://t.co/cDvRSodjst

— Pavel Durov (@durov) September 5, 2024

Durov’s comments, coupled with a revamped Telegram privacy policy that includes moderating private chats, have provided TON with the boost it needed to bounce back above $5.

In addition to the positive sentiment, Toncoin’s trading volume also surged by over 148%, reflecting increased activity in both spot markets and perpetual futures.

From a technical analysis perspective, Toncoin’s short-term outlook remains bearish, with 10 out of 17 technical indicators signaling a sell and only 2 recommending a buy.

Despite the slight recovery, the coin is still trading below several key exponential moving averages (EMAs), including the 20, 50, 100, and 200-day EMAs. It has, however, managed to stay above the 10 EMA.

While the recent bounce pushed TON above the crucial $5 level, technical analysis suggests that it faces resistance at $5.51, which must be cleared for further upward movement.

A successful close above $5.51 will open the door to a potential rally toward $6.19.

Conversely, failure to hold above $5 may see TON test its support at $4.94, with further declines likely if it breaks below that level.

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