In This Post:
- Toncoin shows strength despite market troubles.
- Telegram CEO’s arrest may affect investor trust.
- Rising trading activity hints at a price recovery.
Toncoin, a cryptocurrency created by Telegram, has stayed strong despite recent market struggles. Its price dropped but is starting to recover. Many are asking if it can reach $10. The recent arrest of Telegram’s CEO, Peter Durov, adds uncertainty to this. Let’s look at how Toncoin is doing, the impact of legal issues, and whether it can hit $10.
Toncoin’s Recent Performance
Toncoin has seen both gains and losses lately. Last week, its price fell by 17% as the market struggled. But even with this drop, Toncoin has shown signs of bouncing back. In the last 24 hours, the price has moved between $5.15 and $5.89. Currently, it’s at $5.47, which is a 1.18% rise for the day.
Over time, Toncoin has grown a lot. It’s up 1305% from its lowest price of $0.3906 three years ago. However, it’s still down 33.37% from its highest price of $8.24 two months ago. Despite this, some believe Toncoin could rise again and maybe even reach $10.
Impact of Telegram CEO’s Arrest
The recent arrest of Telegram’s CEO, Peter Durov, has raised concerns. He’s facing serious charges, including terrorism and money laundering. This could affect Toncoin’s future and scare some investors away.
The wider crypto market also dropped after Durov’s arrest. Major coins like Bitcoin and Ethereum took big hits. But Toncoin has held up better than many other cryptocurrencies. This suggests that Toncoin might be strong enough to survive this challenge.
Still, Durov’s legal troubles could slow Toncoin’s growth. Investors may stay cautious until there’s more clarity about the case. If the legal issues end well, Toncoin could gain confidence and push its price higher.
Can Toncoin Reach $10?
There are mixed signals about Toncoin’s future. On one hand, technical analysis shows some downward pressure. The Moving Average Convergence Divergence (MACD) indicates that Toncoin is facing some struggles, making it harder to hit $10 soon.
On the other hand, trading activity for Toncoin is rising. Data from Coinglass shows that trading volume jumped by 60.88%, reaching $2.65 billion. This means people are still interested in Toncoin. However, open interest has dropped by 1.19%, showing that traders are still being careful.
If the market stays positive, Toncoin could settle around $7.30 and slowly climb to $9 or even $10. But if things get worse, it could drop closer to $7.
Looking Forward
Toncoin is holding strong during tough times. Its path to $10 depends on how the market performs and the outcome of Telegram’s legal issues. Investors should watch these developments closely, as they will likely affect Toncoin’s future. Despite the challenges, Toncoin remains a strong player in the crypto world.
