Toncoin Price Drop Below Its $4.70 Support Level Warns Of A Major Crash On The Horizon
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 tokens three-day chart, which signals a bearish trend if Toncoin doesnt stabilize above $4.70.
External Factors Affect Toncoin Price:
1- Telegrams CEO Arrest and Its Ripple Effect on TON Price
The markets uncertainty is worsened by the arrest of Telegrams 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. Durovs arrest has fueled accusations from Russian politicians, who claim the action is politically motivated and aimed at undermining Telegrams 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, Toncoins fate may hinge on both technical analysis and the resolution of Telegrams legal issues. A positive outcome could trigger a rebound for Toncoin, but the current outlook remains uncertain.
Read more: https://cryptoticker.io/en/toncoin-price-drops-below-support-level-warning-of-crash
Text source: CryptoTicker
