Price Analysis

Will Toncoin Price Crash to $2 As Founder Gets Arrested In France?

Toncoin price faces a steep decline as Telegram CEO Pavel Durov's arrest triggers selling pressure, with price risks extending to $2 amid serious allegations.
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Will Toncoin Price Crash to $2 As Founder Gets Arrested In France?

Highlights

  • Toncoin price tumbled 16.7% after Telegram CEO Pavel Durov was detained in France, facing allegations of terrorism, drug trafficking, and more.
  • Inverted head and shoulder pattern formation signals an initial shift in market sentiment from buying-on-dip to selling-on-rallies.
  • A bearish crossover between the 20-and-50-day Exponential moving average could accelerate the selling pressure.

Toncoin price plunged 6.4% to $5.5 amid a less volatile weekend session. The sudden selling pressure is linked to the recent arrest of Telegram CEO Pavel Durov at Le Bourget airport. Facing serious charges, including terrorism, the TON price has plunged below its 200-day Exponential Moving Average and is now at risk of losing multi-month support at $4.7.

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Toncoin Price Signals Further Decline Amid Pavel Durov’s Arrest

Toncoin, the native cryptocurrency of the TON network, witnessed a significant outflow on Saturday following the report that Telegram CEO Pavel Durov was detained after his private jet arrived at Le Bourget Airport, France.

His arrest was carried out on a warrant from France’s OFIM, which focuses on protecting minors from violence. This law enforcement action is tied to the police investigation into Telegram’s insufficient moderation practices, which are claimed to have allowed criminal activities to flourish on the messaging platform.

Durov allegedly faces charges of terrorism, drug trafficking, mass fraud, money laundering, sanctions evasion, and involvement with material related to child exploitation, among other serious accusations.

Therefore, the Toncoin price tumbled 16.7% in the last 48 hours while the market cap plummeted to $14.2 billion.

Amid the arrest report, the Toncoin open interest in the future market spiked to $303 Million, according to CoinGlass data. This increase may indicate that short-sellers are actively initiating new positions in anticipation of further correction.

TON Open Interest | Coinglass
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Bearish Reversal Pattern Points to $4.7 Breakdown

Since mid-August, the Toncoin price has experienced a notable correction from $7.26 to $5.6— a 22.87% decrease. This bearish turnaround in the daily chart shows the formation of a major reversal pattern called an inverted head and shoulder pattern. This pattern consists of three peaks: a higher peak (head) flanked by two lower ones (shoulders), typically suggesting a change in market direction.

The falling TON price recently breached below the 200-day EMA support, strengthening the selling influence on this asset. If the bearish momentum persists, the sellers could drive a 14.7% fall to challenge the $4.78 multi-month support.

A potential breakdown from the $4.8 floor will signal a major correction and drive the asset price to $3.8, followed by $2.3 and $1.37.

TON/USD – 1d Chart

Conversely, if Pavel Durov is released following interrogation and potential international objections, the Toncoin price could rebound from $4.7 support to invalidate the bearish thesis.

Frequently Asked Questions

Why did the Toncoin price drop by 16.7% in last 2 days?

The Toncoin price plummeted after Telegram CEO Pavel Durov was detained in France, facing serious charges, including terrorism and drug trafficking

What is the significance of the 200-day EMA for TON?

The Toncoin price has fallen below its 200-day Exponential Moving Average, signaling a bearish trend and increasing the risk of further declines.

Could Toncoin price rebound if Pavel Durov is released?

Yes, if Pavel Durov is released following interrogation, the Toncoin price could potentially rebound from the $4.7 support level.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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