Notcoin prices fell 10% on Monday following reports that Telegram founder and CEO Pavel Durov is facing 12 serious criminal charges. The news accelerated selling pressure on Telegram-related cryptocurrencies Toncoin (TON) and Notcoin (NOT), signaling the risk of a prolonged correction.
Notcoin Price Plunges as Pavel Durov Faces 12 Criminal Charges
Telegram founder Pavel Durov is now facing 12 serious criminal charges, according to an official press release from the French judiciary on August 27, 2024. Durov was arrested last Saturday evening at Le Bourget airport outside Paris, sending shockwaves through the tech and cryptocurrency community.
The 12 criminal charges include complicity in managing an online platform to conduct illegal transactions, refusing 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 to commit serious crimes.
He was also charged with money laundering in connection with organized crime, providing unauthorized cryptographic services and tools, and importing cryptographic tools without proper declaration.
Amid this report, Notcoin price dropped to $0.0086, recording a 25% loss within 72 hours, while the market capitalization dropped to $887.2 billion.
Price is NOT Near Major Breakout
Over the past three months, Notcoin price has seen a steady correction trend under the influence of a falling wedge pattern. This chart is characterized by two converging trendlines that act as dynamic resistance and support levels.
If the legal scandal involving Pavel Durov continues, NOT price could drop another 5% to break the lower trendline. A bearish breakdown from the wedge pattern would increase selling pressure and result in a 42% drop to the $0.046 support.
The altcoin is currently challenging the lower boundary of the Bollinger Bands indicator, which highlights that the sellers are dominating the price movement.
Conversely, a falling wedge pattern is often a trend reversal pattern, creating a new breakout opportunity. If the support trendline holds, Notcoin price could recover and potentially break the upper trendline. The post-breakout rally could renew bullish momentum and target $0.018.
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