Toncoin Price Eyes $5 Stability as Telegram Strengthens Kazakh Presence

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As a seasoned crypto investor with a knack for spotting trends and reading between the lines, I find myself intrigued by the recent developments surrounding Toncoin. The news of Telegram setting up an office in Kazakhstan to improve regulatory compliance has undoubtedly boosted market sentiment towards the related cryptocurrency. The surge in the Toncoin price today, projecting its sustainability above the $5 psychological level, is a testament to this.

Over the past week, Bitcoin‘s resurgence at the $60k mark has led to a revitalized recovery in the cryptocurrency market. This bullish sentiment has also boosted Toncoin, causing its price to rise from $4.99 to $5.28— an approximately 5.7% growth. The upward trend may persist, given that positive news such as Telegram opening an office in Kazakhstan could enhance regulatory compliance.

Toncoin Price Holds $5 as Telegram Boosts Kazakh Compliance

Telegram, a popular messaging platform, plans to establish a new office in Kazakhstan as part of their strategy to enhance regulatory adherence. This move became more prominent after meetings between Kazakh officials and key figures from the US Chamber of Commerce, including representatives of tech heavyweights like Meta and Apple.

Minister Zhaslan Madiev stated, “In addition, we’re working closely with the Telegram platform to swiftly take down unlawful content and block harmful channels.” He further underscored that this action is a significant stride in enhancing our content management efforts.

As a crypto investor, I’ve noticed an exciting update from Telegram CEO Pavel Durov: “Out of 20 million Kazakhs, approximately 12.5 million are actively using Telegram each month, marking a substantial 25% increase compared to the previous year.” This significant user growth in Kazakhstan hints at Telegram’s commitment to complying with local regulatory authorities – a move that I believe will positively impact market sentiment for Toncoin, the cryptocurrency associated with this messaging app.

During the recent announcement, the value of Toncoin increased by 1.8% today, indicating its potential for continued growth and stability beyond the $5 significant threshold.

Sharpe Ratio Signals TON’s Last Leg of Correction

Based on data from CryptoQuant, the Sharpe Risk Indicator for TON has moved into a ‘lower-risk zone’ following a period of 12 months. This indicator helps evaluate the effectiveness of an investment by measuring its returns relative to its associated risks.

Based on historical trends, it appears that Toncoin typically undergoes a final adjustment or correction in low-risk zones before finding a solid foundation. Consequently, there’s a possibility that the asset might extend its downward trajectory in the latter half of October. However, this could pave the way for buyers to eventually turn the trend around.

TON is Back in Low-Risk Area
As a researcher, I’m reporting an interesting development regarding TON: For the first time in the last 12 months, the Sharpe Ratio Risk Indicator for this cryptocurrency has moved into a Low-Risk zone. This year has been quite turbulent for TON, with its value surging from $2 to $8 within the past twelve months.
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— CryptoQuant.com (@cryptoquant_com) October 14, 2024

TON Price Analysis Hints 13% Fall Before Major Support Retest

Over the past three weeks, the value of Toncoin dropped from $6.13 to $5.3, representing a decrease of 13.5%. This downward shift in price, which aligns with a bearish trendline on daily charts, suggests that the market is adopting a ‘sell-on-rise’ mentality.

A convergence of the 50-day and 200-day moving averages, combined with a pessimistic on-chain forecast, suggests a potential prolonged decline for the TON price. If selling pressure persists, the price might drop by approximately 13%, aiming to find support around $4.6.

Toncoin Price Eyes $5 Stability as Telegram Strengthens Kazakh Presence

If the price of Toncoin manages to regain its bullish energy and hold above the supports at around $5 or $4.6, the buyers might break through the upper trendline. This breakout could then boost the momentum, potentially leading to an upward surge that takes Toncoin to around $8.

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2024-10-14 16:07