𝗧𝗢𝗡𝗖𝗼𝗶𝗻 𝗹𝗼𝘀𝗲 𝗮 𝗹𝗼𝘁 𝗮𝗳𝘁𝗲𝗿 𝗔𝗿𝗿𝗲𝘀𝘁 𝗼𝗳 𝗧𝗲𝗹𝗲𝗴𝗿𝗮𝗺 𝗢𝘄𝗻𝗲𝗿 𝗣𝗮𝘃𝗲𝗹 𝗗𝘂𝗿𝗼𝘃
Toncoin ($TON ) has recently faced significant challenges, dropping over 25% following the arrest of Telegram founder Pavel Durov on August 25. The cryptocurrency hit a low of $4.45 on September 6 but rebounded by 15% to $5.15 by September 9. Despite this recovery, technical indicators suggest the potential for further decline.
Toncoin’s price is forming an inverse cup-and-handle pattern, a bearish continuation signal. The $TON /USDT pair fell below its neckline support of $5 on September 3 and has since struggled to break back above this level, which has now turned into resistance. If it fails to reclaim this level, sellers could push the price down to $3.60, marking a potential 30% decline.
The bearish outlook is compounded by mounting legal challenges surrounding Telegram. The platform faces scrutiny in South Korea, India, and Indonesia, with investigations into its content moderation and data practices. These issues could create further instability for Toncoin, given its close association with the platform and its founder.Despite the negative sentiment, Toncoin whales remain confident, increasing their holdings following Durov’s arrest.
Additionally, the total value locked (TVL) in Toncoin’s ecosystem has grown, boosted by new projects like $DOGS . These ongoing developments may help stabilize Toncoin in the long run, even as it faces short-term pressures.
