Things are looking up for Telegram, with the value of TON coin (TON) rising by almost 10% in the last 24 hours.
The altcoin has outperformed other cryptocurrencies over the same period, thanks to its first public statement since Pavel Durov’s arrest.
Pavel Durov's first statement
Telegram CEO Pavel Durov has expressed gratitude after being arrested in France and questioned by police for four days. He said authorities suggested he could be personally responsible for illegal activities due to the platform’s lack of response.
Durov stressed that Telegram had a designated representative in the EU to handle such requests and that there were multiple ways for French authorities to contact him. He criticized the approach of holding CEOs accountable for the actions of third parties on the platform, calling it a misapplication of outdated laws.
“Building technology is already hard enough,” Durov said, adding that the possibility of personal liability would stifle innovation.
Durov stressed that it is difficult to strike a balance between privacy and security, and noted that Telegram has always tried to work with regulators while upholding its mission to protect users’ rights. He cited past instances of companies leaving markets such as Russia and Iran due to privacy concerns.
Speaking about Telegram’s recent surge in users, which recently announced it had reached 950 million users, Durov acknowledged the challenges of growth and the increased potential for abuse. He assured users that Telegram is actively working to improve its moderation and safety efforts and will share more details soon.
“We are driven by the intention to defend people’s fundamental rights and to pursue good,” Durov said, expressing hope that these events will lead to a stronger and safer platform.
TON demand increases
The positive response to this statement has led to a surge in the value of TON . TON is the biggest gainer in the market, with a 7% increase in price over the last 24 hours. The price increase is supported by a positive Daily Active Addresses (DAA) divergence.
When an asset's price DAA divergence is positive in an uptrend, it is a bullish signal that sufficient demand is supported for the price increase to continue.
Additionally, the market sentiment towards TON has changed from negative to positive over the past two days, as evidenced by the positive weighted sentiment of altcoins.
This indicator tracks the market sentiment for the asset and is currently at 0.50, indicating that most social media discussions about TON are driven by positive sentiment.
Read more: What is Telegram Bot Coin?
There is also an upward trend in TON's derivatives market, with trading volume and open interest increasing.
According to Coinglass , trading volume increased by 8% to $630 million . Similarly, open interest increased by 8.17%. This indicates that more traders are entering the market and opening new positions.
Toncoin Price Prediction: Further Rise
TON Coin's performance on the 12-hour chart suggests the possibility of a long-term rally.
First, the MACD line (blue) is about to cross the signal line (orange) in the Moving Average Convergence/Divergence (MACD) indicator. This indicates that the market trend is likely to change from down to up. The asset’s momentum is increasing, and traders interpret this as a buy signal.
Also, Chaikin Money Flow (CMF) tracks the inflow and outflow of funds into the market and tries to cross the zero line. When an asset’s CMF crosses above zero, it indicates that buying pressure is starting to exceed selling pressure. Therefore, it suggests that buyers are taking control of the market.
If this buying pressure continues, the price of TON could rise to $5.32 . A break of this important resistance area would likely lead to the next uptrend.
Read more: 6 Best TON Coin (TON) Wallets in 2024
However, traders should be wary of the recent low of $4.51, as a loss of this support level could result in a 40% price correction for TON.
