Notcoin Price Risks Crash To $0.005 As Toncoin Founder Faces Cybercrime Charges
Highlights
- Pavel Durov's arrest and the 12 criminal charges brought against him caused Notcoin's price to plummet by 25%.
- Notcoin price is 5% away from a major breakdown in 50-day support.
- A bullish breakout from a wedge pattern will signal the end-of-correction trend.
Notcoin price plunged 10% on Monday following the report that Telegram founder and CEO Pavel Durov is facing 12 serious criminal charges. This news accelerated the selling pressure on Telegram-related cryptocurrencies Toncoin (TON) and Notcoin (NOT), projecting the risk of a prolonged correction.
Notcoin Price Tumbled as Pavel Durov Faces 12 Criminal Charges
According to the official press release by the French judicial authorities on August 27, 2024, Telegram founder Pavel Durov is now facing 12 serious criminal charges. Durov was arrested last Saturday evening at Le Bourget airport outside Paris, which sent shockwaves through the tech and crypto communities.
The 12 criminal charges include complicity in managing an online platform for illegal transactions, refusal to cooperate with authorities, possession and distribution of child pornography, drug trafficking and possession, facilitating unauthorized access to data systems, organized fraud, and criminal association for serious crimes.
Additionally, he is charged with money laundering linked to organized crime, providing unauthorized cryptology services and tools, and importing cryptology tools without proper declarations.
Amid this report, the Notcoin price plunged to $0.0086, registering a 25% loss within 72 hours, while the market cap plunged to $887.2 Billion.
NOT Price Nearing Major Breakout
For the past three months, the Notcoin price has witnessed a steady correction trend under the influence of a falling wedge pattern. This chart formation is characterized by two converging trendlines that serve as dynamic levels of resistance and support.
If the legal saga surrounding Pavel Durov continues, the NOT price could plunge another 5% to breach the lower trendline. A bearish breakdown from the wedge pattern will intensify the selling pressure and drive a 42% fall to hit $0.046 support.
The altcoin is currently challenging the lower boundary of the Bollinger band indicator, which accentuates that sellers dominate the price movement.
On the contrary, the falling wedge is typically a pattern signaling a trend reversal, presenting a new breakout opportunity. If the support trendline holds, the Notcoin price could rebound and potentially breach the overhead trendline. The post-breakout rally could renew bullish momentum and set a target of $0.018.
Frequently Asked Questions (FAQs)
1. What led to the 25% plunge in Notcoin price?
2. What are the current risks to NOT price?
3. Is there any potential for a bullish reversal in Notcoin's price?
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
