Toncoin (TON) has recently demonstrated a notable recovery following Pavel Durov’s release on bail. Durov, the founder of Telegram, secured his release by paying €5 million, approximately $5.56 million. While this development has sparked renewed interest in Toncoin, Durov remains under judicial supervision and cannot leave France.
Will TON Price Maintain the $5 Support?
Currently, Toncoin trades at about $5.53, reflecting a 7.80% increase over the past two days. This positive movement comes despite earlier concerns about a potential death cross in its moving averages. Traders had worried that this pattern could signal a bearish trend. However, Toncoin has managed to hold above the critical $5 support level.
If Toncoin can surpass the 200-day EMA, it may target a price of $6.11 in the near term. This upward movement could indicate a bullish trend, especially as trading volume surged by 98%. Investors are watching closely to see if Toncoin can maintain this momentum.
Notcoin Enters a Bull Cycle
Notcoin (NOT) has also experienced a modest rally, increasing by 7.10% recently. Currently, it trades at around $0.0090. This price movement aligns with a falling wedge pattern, which often suggests a potential bullish breakout. As Notcoin approaches the support trendline, traders remain hopeful for a positive shift.
The MACD indicator shows an intense bearish trend, but crossover chances are improving. If Notcoin can break through the overhead trendline and the 50-day EMA, it may find resistance at $0.0116 before a breakout. After breaking out, the next resistance level could be $0.01750.
Market Context and Future Outlook
The broader cryptocurrency market remains volatile, with Bitcoin trading below $60,000. Durov’s legal situation continues to influence market sentiment. As a result, investors are increasingly focused on Toncoin and Notcoin. The next few days will be critical in determining whether these altcoins can sustain their upward momentum and reclaim their previous highs.
In conclusion, both Toncoin and Notcoin stand poised for potential rallies. Their success depends on Durov’s legal situation and the overall market conditions. The next few days will be critical in determining whether these altcoins can maintain their upward momentum.
Read Also: Toncoin Surges After Durov’s Arrest: A Buying Opportunity?
