Toncoin (TON) has been struggling to break free from bearish trend amid Telegram CEO Pavel Durov’s arrest and subsequent release.

However, the cryptocurrency is attempting to regain lost ground as the investors’ behavior appears to be shifting back to bullish.

Toncoin’s price may soon begin to recover as recent data shows a decline in active deposits. This decrease suggests that the selling pressure is easing, potentially signaling growing confidence among Toncoin investors.

Following Pavel’s arrest, active deposits spiked, leading to panic selling. However, these deposits are now dropping just as quickly, indicating that the initial panic may be subsiding. As stability returns, investor confidence could strengthen, paving the way for a price recovery for Toncoin.

Read more: 6 Best Toncoin (TON) Wallets in 2024

Toncoin’s overall macro momentum suggests a possible shift from bearish to bullish territory. The Moving Average Convergence Divergence (MACD) indicator hints at a trend reversal, as the red bars on the MACD histogram, which signal bearish momentum, have been receding. This decline indicates that the downward pressure on Toncoin may be weakening.

As the MACD approaches a bullish crossover, it reinforces the idea that selling pressure could be nearing its end. A transition to green bars on the histogram would confirm a reversal of the bearish trend. For Toncoin, this could signal the start of a new upward trajectory, potentially leading to a sustained recovery.

Currently, Toncoin is trading at $5.36, still reeling from the 23% crash experienced toward the end of August. Despite this setback, the cryptocurrency is showing signs of life, as it attempts to overcome recent losses. The key resistance level at $5.49 is now crucial, and breaking through this barrier could open the door for a rise.

With broader market conditions shifting and selling pressure declining, a breach of the $5.49 resistance seems increasingly likely. If Toncoin can turn this resistance into support, it could trigger a rally, potentially pushing the price toward $6.04 —a critical psychological level for investors.

Read more: What Are Telegram Bot Coins?

However, it’s important to note that Toncoin has tested the range between $5.49 and $4.85 in the past, forming a consolidation zone. If the price remains within this range, it could invalidate the bullish outlook, delaying any significant price recovery. 

The post Toncoin (TON) Price to $6 Next as Selling Pressure Comes to an End appeared first on BeInCrypto.

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