The price of Toncoin fell by almost 20% in a brief period of time, resulting in a major market blow. Pavel Durov, the billionaire founder of Telegram and a significant figure in Toncoin, was arrested shortly before this drop. Although Durov's arrest was a shock for communities outside of the digital assets world, the cryptocurrency market is focused even more on TON's performance.
As of writing, the price of TON is approximately $5.60, having fallen from highs close to $7.00 earlier this month. The strong selling pressure that followed the announcement of Durov's arrest has made the abrupt decline in value even more severe.
For a brief while the cryptocurrency made an attempt to level off around $600 but further losses resulted from that support snapping. Technical indicators indicate that TON is in a risky situation right now.
The 200-day and 50-day moving averages, which frequently serve as psychological barriers for traders, are among the important support levels that the cryptocurrency has broken below. The breaking of these levels suggests that before TON finds any real support it may experience more downward pressure.
