Oh boy, have things been 🍿popcorn-worthy in the world of Toncoin! Since the day Telegram’s founder, Pavel Durov, got himself into a bit of legal pickle in France – August 24, 2024, to be precise – our beloved TON token has had quite the rollercoaster ride. 🎢
TON
$4.86
24h volatility:
0.2%
Market cap:
$12.09 B
Vol. 24h:
$143.90 M
With more than 890,000 Toncoins sold post-Durov’s detainment, it’s been a wild ride. The token was cruising at about $6.8 before the incident, but six months of downhill action left us with a 30% value drop and a 29% decrease in market cap. Ouch! 🤕
Now, as the 14th largest crypto 🥇, Toncoin trades around $4.80 with a market cap of $12.06 billion. Oddly enough, despite the relentless selling, the accumulation/distribution indicator seems to suggest a steady rise in token accumulation since early November. Coincidence? Well, it was right after Donald Trump’s re-election victory. 🤔
When the Telegram Chief Hits the Skids
August saw a significant shift when Durov was grounded at Le Bourget airport near Paris, thanks to French authorities. The Russian-born billionaire was flying in from Azerbaijan when he was cuffed for Telegram’s alleged role in some shady dealings. 🕵️♂️
While Durov walked free from the police station, he’s still under investigation and can’t leave France. Amazingly, despite these troubles, Toncoin still managed a 128% yearly gain. Not bad for a coin facing a storm. 🌪️
Technical Analysis: Is There Hope for TON?
Looking at the charts, the 4-hour view shows a descending trend. TON’s price is clinging to the $4.82 level, a critical support zone. If we hold above it, a bullish divergence might form. Breaking past $4.90 and sustaining above $5.00 could signal an upward move towards $5.30. 🚀
But beware, a firm close below $4.80 with high selling volume could send us plummeting towards $4.60 or even the $4.00 mark – uncharted territory for TON. ⚠️
The daily chart tells a similar story. Since early 2025, TON has been hanging out near the lower Bollinger Band, suggesting it might be oversold and ripe for buying. But don’t get too excited; the band’s downward tilt warns against jumping in too soon. 🐢
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2025-01-30 12:49