Prominent tokens in the Telegram Open Network (TON) ecosystem, including Toncoin and Notcoin, are showing a bullish recovery. This comes after a significant decline following the arrest of Telegram’s CEO, Pavel Durov, in August. Investors, however, remain cautious, with over 87% currently facing losses. Delayed court hearings related to Telegram have intensified fears of a long-term market crash.
Amid this uncertainty, should investors sell their holdings or wait for a potential all-time high (ATH)? Let’s analyze the situation.
Toncoin Price Retests Critical Support Level
Toncoin (TON) experienced a 34.13% correction in the last 13 days. However, over the past 24 hours, TON saw a 6.78% recovery, giving investors hope. Trading volume surged to $355.63 million, hinting at a possible bullish reversal.
Additionally, TON recently retested its crucial support level within the descending channel pattern. Technical indicators also signal a potential breakout in the near term. If the market favors bulls, TON could push past its resistance level and aim for $6.415. On the other hand, if bearish sentiment prevails, TON might drop to its low of $4.
Notcoin Stabilizes Below Key Resistance
Notcoin (NOT) mirrored Toncoin’s recovery, gaining around 4% in the past day. This increase offers some relief to investors, with Notcoin currently trading at a 73.4% discounted rate.
The Relative Strength Index (RSI) shows that NOT is emerging from oversold territory. This signals an expected price increase if volatility continues to rise. Maintaining its price above the $0.00925 resistance level could lead to a test of $0.0140. Conversely, intensified bearish pressure might drive the NOT price down to $0.00455 in the coming weeks.
Should You Hold or Sell?
Both Toncoin and Notcoin have displayed signs of recovery. However, with ongoing legal challenges and market volatility, the potential for a major crash remains. If you’re risk-averse, selling could be a smart move. However, if you’re focused on the long term, holding through the turbulence could bring significant rewards.
Read Also: Toncoin (TON) Faces Key Resistance at $5.17: Will It Break Through?: A 24-Hour Price Analysis
