Will $TON Price Drop to $4 Amid Telegram Investigation?
Since the arrest of Telegram CEO Pavel Durov, Toncoin’s value has plummeted by over 23%, reflecting growing uncertainty surrounding the altcoin in the cryptocurrency market. Currently, Toncoin (TON) ranks as the 10th largest cryptocurrency with a market capitalization of $11.833 billion.
As the investigation into Telegram and its CEO for multiple allegations continues, the question arises: will Toncoin continue to decline or recover to $6 by the end of the month?
Toncoin Price Breaks Its Triangle Pattern
In the daily time frame, Toncoin had formed a triangle pattern and traded within it since July. However, the recent market volatility caused the altcoin to break below its support trendline, resulting in a 15.22% drop over the past week.
Toncoin Price Analysis for September
The 50/200-day Exponential Moving Averages (EMA) show a consistent decline in Toncoin’s price, indicating increased selling pressure in the crypto space. This trend points to a potential Death Cross, which suggests a bearish outlook.
Additionally, the Relative Strength Index (RSI) has dropped significantly toward the oversold zone, signaling that Toncoin’s price may continue to fall in the near term.
What’s Next for Toncoin?
If a bullish reversal occurs, Toncoin could aim to test its resistance level at $5.155. Holding this level could set the stage for Toncoin to move toward its next resistance at $6.415 in the near future.
However, if bearish momentum prevails, Toncoin’s price could fall toward its support level of $4. Should the bulls fail to regain control, the altcoin may further test its lower support at $2.960.
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