Toncoin (TON), which is the main cryptocurrency of The Open Network blockchain, is under a lot of stress after a rough week. The situation is even worse now that the market as a whole is down and Telegram CEO Pavel Durov has been arrested.
Toncoin is selling below the important $4.70 support level right now, at $4.62. Analysts think this is important for a price rebound. Ali Martinez, a crypto expert, recently said on X (formerly Twitter) that Toncoin needs to get back to $4.70 to avoid a possible 45% drop that would send the token down to $2.60.
Toncoin Faces Market Uncertainty
Martinez said that the three-day chart for the token shows a head and shoulders pattern, which means that the price could drop sharply if it can’t stay above the important support level. To make things even less clear, Telegram CEO Pavel Durov was arrested in France at the end of August.
Reports say that Durov is being questioned about claims that Telegram is linked to illegal activities like fraud, drug trafficking, and the spread of child pornography. People have long said bad things about the platform because they think it doesn’t moderate material and has ties to extremist groups.
Tatyana Moskalkova, a well-known Russian human rights activist, and other Russian leaders have criticized Durov’s arrest, saying it may have been done for political reasons. It’s not just France that is paying close attention to Telegram. The Indian government has also started a probe into the app’s possible use in illegal activities like gambling and extortion.
Legal problems with Telegram and its leaders are making things harder for Toncoin, and the market is still not very optimistic. A lot of people are keeping a close eye on these investigations to see if the end of them could spark a rise. But for now, Toncoin is still having a hard time because there isn’t much interest for it in the cryptocurrency market as a whole.
