The cryptocurrency market is abuzz with the recent news of Pavel Durov’s release, the CEO of Telegram, which has triggered a significant bullish recovery for top Toncoin ecosystem tokens over the past 48 hours. This follows a tumultuous period for Toncoin (TON) and Notcoin (NOT), which had seen their values plummet after Durov’s arrest in August.
Despite the recent uptick, uncertainty lingers as over 87% of investors in these tokens are still experiencing losses. Additionally, with the delayed hearing of the Telegram case, concerns about a potential long-term crash loom large. So, what should investors do now? Is it time to cash out, or are these tokens poised for a new all-time high (ATH)? Let’s dive into the current market dynamics.
Toncoin (TON) Makes A Notable Recovery
After suffering a significant correction of 34.13% over the past 13 days, Toncoin has shown signs of a bullish recovery. In the last 24 hours alone, the TON price has surged by 6.78%, with a trading volume of $355.63 million. This recent uptick offers a glimmer of hope to investors, suggesting a possible bullish reversal.
Technical indicators are showing positive signals. Toncoin’s price has recently retested its critical support level within a descending channel pattern, jumping 7.44% in the past 36 hours. If the bullish momentum continues, Toncoin could potentially break through its resistance level, aiming for an upper target of $6.415. However, if the market sentiment shifts, there’s also a risk of a downward correction, with the price potentially dropping to a low of $4.
Notcoin (NOT) Stabilizes Below Resistance
Notcoin has also exhibited a similar pattern, with its price increasing by approximately 4% over the past day. Despite the recent gains, NOT remains discounted by 73.4%, indicating a strong potential for long-term returns. The Relative Strength Index (RSI) has recently retested its oversold range, suggesting an imminent price increase.
For Notcoin, maintaining a price above the crucial resistance level of $0.00925 could pave the way for a rally towards its upper level of $0.0140. Conversely, if bearish trends persist, Notcoin might revisit its low of $0.00455 within the month.
The recent bullish recovery in Toncoin and Notcoin following Pavel Durov’s release offers a ray of hope for investors. However, the market remains fraught with uncertainty due to ongoing legal issues and a high percentage of losses among investors. As always, staying informed and considering both bullish and bearish scenarios will be crucial for navigating the volatile world of cryptocurrency investments.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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