Toncoin Price Eyes $5 Stability as Telegram Strengthens Kazakh Presence
Since last week, the cryptocurrency market showcased a renewed recovery as pioneer crypto Bitcoin defended the $60k level. The bullish narrative spread to the altcoin market has uplifted the Toncoin price from $4.99 to $5.28— a 5.7% increase. The recovery trend could continue as positive developments like Telegram’s upcoming office in Kazakhstan foster improved regulatory compliance.
Toncoin Price Holds $5 as Telegram Boosts Kazakh Compliance
The messaging app Telegram is set to open an office in Kazakhstan as part of efforts to improve regulatory compliance. The development was highlighted when Kazakh officials met with the US Chamber of Commerce and representatives of major tech giants such as Meta and Apple.
“We are also actively cooperating with the Telegram platform to quickly remove illegal content and block destructive channels,” said minister Zhaslan Madiev, who also emphasized that this is an important step towards increasing content control.
In a shared post, Telegram CEO Pavel Durov said, “12.5 million of 20 million Kazakhs use Telegram monthly, a 25% increase from last year”. The new office in Kazakhstan signals the message app’s effort to comply with regulatory authority, which should boost market sentiment towards the related cryptocurrency Toncoin.
Amid the announcement, the Toncoin price surged 1.8% today, projecting its sustainability above the $5 psychological level.
Sharpe Ratio Signals TON’s Last Leg of Correction
According to the CryptoQuant data, the TON’s Sharpe Ratio Risk Indicator has entered the ‘low-risk area’ after 12 months. The metric is used to assess the performance of an investment by comparing its return to its risk.
Historical data shows that the Toncoin in this low-risk area often drives a last leg for correction before forming a sustainable bottom. Thus, the asset could prolong a downward trend in the second half of October before buyers set in for a price reversal.
TON is Back in Low-Risk Area
“The Sharpe Ratio Risk Indicator for TON has entered a Low-Risk area for the first time in 12 months. It has been a volatile year for TON, with its price climbing from $2 to $8 over the past year” – By @JA_Maartun
Link https://t.co/QqtuVa3zTr pic.twitter.com/s8AO7qGaPJ
— CryptoQuant.com (@cryptoquant_com) October 14, 2024
TON Price Analysis Hints 13% Fall Before Major Support Retest
In the last three weeks, the Toncoin price corrected from $6.13 to $5.3, recording a loss of 13.5%. This bearish reversal from a downsloping trendline of daily charts indicates the market sentiment follows sell-the-bounce sentiment.
A death crossover from 50-and-200-day EMAs aligns with an on-chain bearish outlook to indicate prolonged correction. With sustained selling, the TON price could plunge 13% to seek support at $4.6.
TON/USDT -1d Chart
On the contrary, if the Toncoin price could recuperate the bullish momentum at $5 or $4.6 support, the buyers could breach the overhead trendline. A potential breach from this dynamic resistance could further accelerate recovery and drive a $8 rally.
The post Toncoin Price Eyes $5 Stability as Telegram Strengthens Kazakh Presence appeared first on CoinGape.