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In this video, we dive into the current situation surrounding Toncoin, a top 10 cryptocurrency closely tied to Telegram, which has been caught in the midst of geopolitical and political turbulence following the arrest of Telegram’s founder. Toncoin, once trading at $8.50, has dropped to around $5.30 as of August 27. The pressing question is whether Toncoin has reached a bottom or if another downward move is on the horizon before finding solid support.
Using Lux Algo’s powerful tools, including the premium discount zone and price action concepts, we explore potential support levels around $5, identifying this area as a crucial zone where large orders previously spurred a price rally. However, Lux Algo’s signals suggest the possibility of one final thrust downward, potentially reaching the juicy buy zone between $4.31 and $4.81.
We also analyze the charts on different timeframes, noting the slowing downside momentum but cautioning that another test to the downside could still be in the cards. Could a significant negative headline be the final push to create a long-term buying opportunity in Toncoin? We break down these scenarios and offer insights on navigating this volatile market.
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Disclaimer: This show does not provide individually tailored investment advice and does not take a subscriber’s or anyone’s personal circumstances into consideration when discussing investments. Please do your own research when making any investment decision. Information contained herein is not an offer or solicitation to buy, hold, or sell any security.
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