Mainnet presence of TON network Toncoinhas fallen by over 15 percent in the last 24 hours, dropping to $5.5 in what was expected to be a quiet weekend trading session. The sudden drop in price was an event that sent shockwaves through the cryptocurrency market, largely due to Telegram founder and CEO Pavel DurovIt is linked to the recent detention of in France.
Durov Detained in France, Charges Are Serious
Durov’s arrest at Le Bourget Airport in France has raised concerns among Toncoin and other altcoin investors. A government body focused on protecting children from violence France OFIM The arrest, carried out pursuant to an arrest warrant issued by the TON network, has raised serious debate about the future of Telegram and, consequently, the TON network. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The charges against Durov include serious allegations such as terrorism, drug trafficking, money laundering and even involvement in child abuse material.
Inverse Head and Shoulders Pattern Risk
In response to the arrest TONhas suffered a significant crash, losing over 15 percent in the last 48 hours. Toncoin’s market cap has also taken a hit, dropping to $14.2 billion. The altcoin’s price is above the 200-day high, a critical technical level that traders often watch to gauge market sentiment. Exponential Moving AverageIt fell below (EMA).
Market analysts are particularly concerned about the potential for further declines. Recent price action has been a opposite shoulder head shoulder This led to the formation of a bearish pattern known as the . Typically seen as a harbinger of a trend reversal, this pattern suggests that Toncoin is at risk of losing even more value. Sales pressure If it continues, the next key support level is $4.7. A break below this level could lead to further declines, with the price potentially dropping to $3.8, $2.3 or even $1.37.
In addition to the downtrend, futures for Toncoin are also bullish, according to CoinGlass data. open interest It rose to $303 million. This increase in open interest can generally be seen as a sign that short sellers are increasing their positions and betting on further declines in Toncoin’s price.
However, there is potential for recovery if Durov is released and his name is cleared. TelegramA speedy resolution of the legal issues surrounding the CEO of could lead to a recovery in Toncoin’s price, especially if the price manages to hold onto the $4.7 support level after a further decline. For now, however, the market remains tense as investors closely monitor the developments surrounding Durov’s arrest and the implications it could have on Toncoin’s future.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
