Toncoin (TON) has been struggling with a bearish trend following the arrest and release of Telegram CEO Pavel Durov. However, investor behavior is shifting back to bullish as the selling pressure subsides.
Recent data shows a decline in active deposits, suggesting that the selling pressure is easing and investor confidence is growing. This reduction in panic selling indicates that stability is returning to the market, potentially paving the way for a price recovery for Toncoin.
The overall macro momentum suggests a shift from bearish to bullish territory. The MACD indicator is hinting at a trend reversal as bearish momentum recedes, signaling that downward pressure is weakening. A bullish crossover on the MACD could confirm this trend reversal, potentially leading to a sustained recovery for Toncoin.
Currently trading at $5.36, Toncoin is trying to recover from a 23% crash in August. Breaking through the key resistance level at $5.49 could trigger a rally towards $6.04, a crucial psychological level for investors. However, if Toncoin stays within the consolidation zone between $5.49 and $4.85, it might delay significant price recovery.
