Toncoin targets $6 as selling pressure shows signs of easing
Toncoin (CRYPTO:TON) is showing signs of a potential recovery after a recent bearish trend triggered by the arrest and subsequent release of Telegram CEO Pavel Durov.
The cryptocurrency is attempting to regain its footing, with investor sentiment slowly turning more positive.
Recent data points to a decrease in active deposits, indicating that selling pressure is easing and confidence among Toncoin investors is gradually returning.
According to data from Santiment, active deposits for Toncoin spiked following Durov’s arrest, which led to panic selling.
However, this surge in deposits is now dropping rapidly, suggesting that the initial fear in the market may be fading.
As stability returns, investor sentiment is shifting back to a more bullish perspective, potentially setting the stage for a price rebound for Toncoin.
Technical indicators also support this possible shift from bearish to bullish territory.
The Moving Average Convergence Divergence (MACD) indicator shows receding red bars on its histogram, which indicates that the downward pressure on Toncoin might be weakening.
A potential bullish crossover in the MACD could confirm that the selling pressure is diminishing.
If the MACD turns to green bars, it would signify a reversal of the current bearish trend, suggesting that a recovery for Toncoin could be on the horizon.
The critical resistance level for Toncoin now stands at $5.49.
Breaking through this level could signal the beginning of an upward trajectory, with the potential to push the price toward $6.04.
As market conditions evolve and selling pressure continues to ease, this resistance level becomes a crucial marker.
If Toncoin manages to turn it into support, it could trigger a significant rally, providing a more optimistic outlook for investors moving forward.
At the time of reporting, the Toncoin price was $5.15.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Congressman Pushes to Ban Political Meme Coins with New MEME Act

Orderly Joins Berachain to Boost Liquidity and DeFi Growth

Crypto Flow Technology Secures HK$11.6M for On-Chain Analytics
Crypto Flow Technology raises HK$11.6M to develop an on-chain data analysis platform and DEX aggregator.Crypto Flow Technology Expands into On-Chain AnalyticsEnhancing Blockchain Data AnalysisDEX Aggregator for Efficient TradingA Strategic Move for DeFi Innovation

Top Crypto Assets: Why Theta Missed the Mark and How Qubetics is Shaping the Future of Crypto
The world of cryptocurrency is buzzing louder than ever as 2025 continues to unfoldTheta: The Missed OpportunityQubetics: The Future of Interoperability in CryptoConclusion: Don’t Miss Out on Qubetics’ Presale

Trending news
MoreCrypto prices
More








