As a seasoned analyst with over two decades of experience navigating the volatile world of financial markets, I can’t help but see the parallels between the current state of Toncoin and some of the rollercoaster rides I’ve witnessed during my tenure. The recent dip in market values, led by Toncoin and Ethereum, is a stark reminder of the unpredictable nature of the cryptocurrency sector.
The cryptocurrency sector saw a significant dip recently, as both Toncoin and Ethereum led a downward trend in market values. This adjustment came amidst broader corrections within the digital currency world.
The decline happened concurrently with wider adjustments across the digital currency market, causing a drop of 3.6% in total market value within the past day. Moreover, the volatility has been exacerbated by the detention of Toncoin’s CEO, Pavel Durov, in France, which added to the market’s instability.
Last Saturday, Durov was taken into custody upon his arrival at the Le Bourget airport in Paris. This led to a 20% drop in the value of Toncoin. As per Sergei Gorev, a Risk Manager at YouHodler, the technical signs for Toncoin aren’t particularly optimistic.
According to Gorev, Toncoin has surpassed its 200-day moving average but is still below it at this point. Moreover, he pointed out a growing ‘head and shoulders’ chart pattern, which could indicate potential additional drops for the cryptocurrency, potentially falling as low as $2.
Regardless of the obstacles, Toncoin has managed to preserve its self-governing nature, separate from Telegram, the widely used messaging service. Although Telegram contributed to the development of certain foundational technologies for Toncoin at first.
Initially intended to dodge regulatory oversight, the project was eventually made open-source. The Open Network (TON) then took over its development and eventual launch.
Over the past day, there’s been a substantial rise in cryptocurrency market liquidations, impacting more than 60,287 traders. The total liquidations on centralized exchanges reached an impressive $144 million, with a massive $127 million coming from long positions.
In Ether’s market, a substantial portion of positions were liquidated, amounting to approximately $46 million out of a total $48 million in liquidations. Similarly, for Toncoin, long liquidations accounted for about $1.7 million out of a total $2.5 million.
Ether’s decline also followed the general market trend, dropping by over 5%, but it fared better compared to Toncoin, which dived beyond 4%. In contrast, Bitcoin, the leading crypto by market value, experienced a more moderate dip of approximately 3%.
Current market conditions present a challenging environment for prominent cryptocurrencies like Toncoin and Ethereum, with investors and observers keeping a keen eye on events related to Durov’s arrest and how it might affect Toncoin’s long-term stability and value.
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2024-08-27 22:14