Toncoin Price Drop Below Its $4.70 Support Level Warns Of A Major Crash On The Horizon
Can Toncoin recover from its shaky position, or is a 45% price drop looming? Analysts weigh in on the crypto’s critical support level amid legal troubles at Telegram...
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Toncoin (TON), the native cryptocurrency of The Open Network, is grappling with a turbulent week, exacerbated by market instability and the arrest of Telegram CEO Pavel Durov. Trading below the $4.70 support level, analysts warn of a potential 45% drop for TON price, unless it recovers soon. Will Toncoin price rebound or will it crash to new lows soon?
Toncoin Price Drop Below Its $4.70 Support Level
Crypto analysts have pointed out the urgency of Toncoin price reclaiming the $4.70 mark. Currently priced at $4.62, a failure to rise above this critical support could lead to a significant drop, possibly down to $2.60. Analysts also highlighted a head-and-shoulders pattern forming on the token’s three-day chart, which signals a bearish trend if Toncoin doesn’t stabilize above $4.70.
External Factors Affect Toncoin Price:
1- Telegram’s CEO Arrest and Its Ripple Effect on TON Price
The market’s uncertainty is worsened by the arrest of Telegram’s CEO, Pavel Durov, in France. The arrest relates to allegations that Telegram facilitated criminal activities, including fraud, drug trafficking, and child pornography. The app has also faced criticism for inadequate content moderation and ties to extremist groups. Durov’s arrest has fueled accusations from Russian politicians, who claim the action is politically motivated and aimed at undermining Telegram’s free speech stance.
2- Potential Ban of Telegram in India
Telegram's legal troubles are not limited to France. In India, the government has launched an investigation into the platform due to concerns over its use in criminal activities like extortion and gambling. With no physical office in India, Telegram has become difficult to regulate, raising concerns that the app could face a ban in the country if the investigation leads to negative findings.
The continued legal pressure on Telegram and its leadership is casting a shadow on Toncoin price, as market sentiment towards the token remains tied to developments surrounding the messaging platform.
Will Toncoin Rebound?
As the broader crypto market lacks buying pressure, Toncoin’s fate may hinge on both technical analysis and the resolution of Telegram’s legal issues. A positive outcome could trigger a rebound for Toncoin, but the current outlook remains uncertain.
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