Toncoin Value Drops 30% Following Pavel Durov’s Arrest in France
Following the arrest of Telegram founder Pavel Durov on August 24, 2024, Toncoin (#TON) has experienced significant price volatility. Key points include:
- Over 890,000 Toncoin sold post-arrest, leading to a 30% decline in value and a 29% drop in market capitalization.
- Pre-arrest price was around $6.8; current trading at approximately $4.80 with a market cap of $12.06 billion.
- Despite selling pressure, accumulation of Toncoin has been rising since early November.
Legal Issues for Durov
Durov's arrest involved allegations of Telegram facilitating illegal activities. Although released, he remains under investigation and cannot leave France. Notably, Toncoin retains a 128% annual gain despite recent challenges.
Price Analysis of Toncoin (TON)
The 4-hour chart indicates a descending trend with key support around $4.82. Potential outcomes include:
- Holding above this support could lead to bullish divergence and potential upside toward $5.30.
- A close below $4.80 with high volume may trigger a drop to $4.60 or $4.00.
The daily chart shows Toncoin near the lower Bollinger Band, suggesting it may be oversold, yet the persistent bearish trend advises caution against premature long positions.
