Toncoin (TON) drops 20% 📉 after Telegram CEO Pavel Durov’s arrest in France.
Pavel Durov was arrested at Le Bourget airport in Paris after arriving from Azerbaijan ✈️.
Charges relate to Telegram’s alleged failure in content moderation, allowing illegal activities like fraud, drug trafficking, and more 🚨.
TON price fell from around $7 to $5.3, a 20% drop, causing market cap to plummet from $17 billion to $13.4 billion 💸.
TON’s market cap bounced back slightly to around $14 billion but remains unstable 📊.
TON’s future is closely tied to Telegram, as it originated from Telegram’s projects before moving to the TON Foundation 🔗.
Technical analysis shows TON slipping below support line in a symmetrical triangle pattern on August 24 📉.
Bulls tried to bounce off $5.3 support on August 25 but failed, with bears pushing price down again 🐻.
If price falls below $5.3, it could drop to $4.7, confirming a bearish head-and-shoulders pattern ⚠️.
Hope lies in breaking above the 20-day EMA at $6.3, potentially reaching the 50-day SMA at $6.7 📈.
Notcoin (NOT), another crypto on the TON blockchain, also dropped 24%, from $0.012 to $0.0091, with market cap falling from $1.2 billion to below $950 million 📉.
#TelegramCEO #DOGSONBINANCE #BNBChainMemecoins #CryptoMarketMoves #LowestCPI2021
