The creators of TON are brothers Pavel Durov and Nikolai Durov, the creators of Telegram.
Pavel Durov previously created a highly anonymous instant messaging application called Telegram.
Because Telegram is highly anonymous, it has been used for drug trafficking, child pornography, and drug laundering.
On the 24th, Pavel Durov was arrested on suspicion of failing to monitor inappropriate content on the app and condoning crime.
As a result, the price fell by -20% and the open interest increased by +55% after the news that Telegram and TON founder and CEO Durov was detained in France.
Most of these are undoubtedly short/hedge positions.
First, be careful when catching a falling knife. I do think some of these late-stage shorts could get crushed if momentum fades and other shorts start to take profits.
TON aimed to build a decentralized blockchain platform using Telegram’s infrastructure, but TON faced legal issues with the U.S. Securities and Exchange Commission and the project was canceled in 2020. In response to this outcome, Ver Durov stated that Telegram had no connection with TON or Gram and withdrew from the project.
Since then, the project has been continued and active by another community of developers based on TON technology, but this does not actually involve the Durov brothers.
Considering the reasons they gave for detaining Durov (“failure to control content on Telegram”), I personally think he will be released soon.
Regardless, I think a -20% move is pretty big for such a large market cap and the news we have. I wouldn't be surprised if there are other things at play that we might not know about. Maybe people are just overreacting. This wouldn't be the first time.
Any Binance FUD on $BNB is usually bought and the same type of price action and shorts will come in. These things tend to take some time to play out so don't expect a full retracement to occur on the same day.
Regardless, if he is released, the news should weigh heavily on the market. Until then, prices may be volatile for a few days.
Are any of you planning to catch the bottom $TON?
You may already know the details of this error case, but in this article I will take a closer look at the diagram
$TON
Discussing the current price line, a -20% price drop for $TON is also justified as the D-frame crash in early August broke the uptrend.
=>The recent rise is just a technical recovery in the downtrend
Believe it legitimizes the price line
Looking at the chart, we currently have 2 major support areas, the $4.5-4.8 area and the $3-3.4 area, if you want to buy the dip, allocate funds at these points (of course, I don’t recommend that).
The pressure to break through the first area is a bit high. If this happens, it will be difficult for $TON to upgrade immediately at the end of the year.
Anyway, there is no official conclusion to this stupid news and I will still consider $TON as a potential opportunity because of everything they have built so far.
The more fearful the crowd, the better it is generally, but of course you should still wait for price reaction in these areas before deciding.
The news affected the price of $TON, especially its beloved son $NOT!
$NOT
The price has now left the long liquidity area but needs to break through short-term resistance to continue the upward momentum. If it can do this, a reactive rise will occur.
📊 15M chart analysis
▪️It needs to rise 3.8% to the short-term resistance level ($0.00097), and if it can reach this target, the upward momentum will increase.
▪️Then the upside continuation price ($0.1039) will be the first target resistance, with this area being a critical level that must be breached for positivity.
▪️The trend will be back on track and the uptrend will continue if the $0.01135 level is broken.
▪️As long as we stay above the red box, the reaction will continue to increase. Otherwise, the strong support ($0.0087) will be the target. Therefore, $0.0091 should not be lost on the 1-hour/2-hour candlestick chart!
summary
Overall, the news of Telegram CEO Durov’s arrest in France this morning has impacted the price of $TON, and especially his beloved son $NOT!
Initially, Durov was also the CEO of $TON. But due to legal issues with the SEC, he left $TON in 2020 and left it to another team to develop.
Since $TON is affiliated with Telegram, this has more or less impact. But $TON has now formed a fairly solid ecosystem.
Many people join the TON system because its Defi is easy to understand, easy to play, and easy to access. Use $TON to enrich the ecosystem, no matter who its CEO is.
However, it is important to realize that $TON is the ecosystem that is currently attracting the most newcomers to the market! And it is not that easy to beat 💪
