Will Toncoin (TON) Price Turn Bullish After Recent Events?

• Toncoin price showed mild upward movements in the last 24 hours. 
• The altcoin’s daily trading volume declined by 35.03% as per CMC data.

Telegram and Toncoin have stayed in the limelight over the past two weeks. After the arrest of the Dubai-based messaging app’s co-founder in France, the global community focused on the proceedings that followed. These incidents were reflected majorly by the Toncoin price in the last fortnight. The token was subjugated to increased volatility during the period. 

Notably, in the last 24 hours, the altcoin has shown a modest price increase of 2.06%. After sliding to a weekly low of $4.561 on September 4, Toncoin’s price began to show price recovery over the last few hours.  While the token’s daily trading volume declined, prices showed bullish candles. At the time of writing, TON was trading at $4.661 as per CMC data. 

Zooming out, over the past week TON shows a price performance of 15.85% decline. At the beginning of the week, the altcoin traded at a high of $5.592. However, as the week progressed Toncoin price showed downward movements until the last few hours. Additionally, as aforementioned, the token’s volatility surged in August’s last week as indicated by its RVI. 

Meanwhile, on September 3, data aggregator CoinMarketCap faced a glitch that caused Toncoin’s market cap on the platform to dip by a notable 98%. This resulted in quite a spur within the market amid the recent speculations surrounding the altcoin. 

What to Expect for Toncoin Price in the Coming Days? 

Leading exchange platform, Binance, on September 3, announced that it would be adding Toncoin to Simple Earn Locked Products. While community members expected TON to witness a bullish run, the altcoin kept depreciating in price and slid below $5. 

TON/USDT Daily Price Chart (Source: TradingView)

According to TradingView data, the token’s SMA stands above the current price highlighting the overall bearish trend. Additionally, Toncoin’s RSI stands at 30.53 indicating the high selling pressures in the market.

However, if the token manages to sustain current momentums of price recovery and upward turns, then it can be expected to surpass its previous resistance at $5. On the other hand, if the token fails to factor in the positive movement it might fall to previous support levels. 

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