This week, the cryptocurrency market saw a mix of emotions as leading assets struggled to overcome bearish trends lingering since late August.
Despite the uncertainty, Bitcoin and several altcoins managed a price recovery over the last 24 hours. Meanwhile, Toncoin (TON) stood out by maintaining its bullish momentum throughout the week.
According to CoinMarketCap data, Toncoin added 2.99% to its price, trading at $5.72 at the time of writing. This upward trend follows a volatile period caused by external events.
Toncoin’s Price Drop After Pavel Durov’s Arrest
Earlier this month, Toncoin experienced a sharp drop following the controversial arrest of Telegram co-founder Pavel Durov in France. After the arrest on August 25, TON fell below $5, hitting a support level of $4.44 on September 7. However, it quickly bounced back, reclaiming the $5 mark the following week.
Durov was detained by French police for four days, facing allegations of criminal activity related to Telegram. The altcoin showed significant volatility during this period but managed to recover shortly after his release on bail.
Toncoin’s Weekly Performance
Zooming out, Toncoin’s weekly performance reveals a 22.95% price increase. The altcoin began the week at $4.61 and gradually climbed to its current levels.
On the 4-hour chart, Toncoin’s short-term 9-day moving average (MA) stands above the long-term 21-day MA, reinforcing the bullish outlook. Additionally, the RSI (Relative Strength Index) is at 65.99, signaling a potential overbought condition but still leaning toward positive momentum.
Memecoin Launch Causes Network Outages
Despite Toncoin’s positive price action, the network recently experienced block outages following the launch of the ecosystem’s new memecoin, DOGS. This launch added to the token’s volatility, but it hasn’t derailed the overall upward trend.
