Toncoin (TON), The Open Network's native token, has taken a hit, dropping 20% after Telegram CEO Pavel Durov was arrested in France.
Pavel, who had just stepped off a plane from Azerbaijan, was arrested by French authorities at Le Bourget airport in Paris. Why? They charged him with Telegram’s alleged laxity in content moderation, which they say allowed all sorts of illegal things to happen—fraud, drug trafficking, and even pedophilia.
Not the headlines the crypto community wanted to see.
TON was hovering around $7 before this whole mess happened. However, once the news broke, the price plummeted to a low of $5.31. We’re talking about a serious crash here, folks—20% in an instant. That caused the market cap to plummet from over $17 billion to just shy of $13.4 billion.
And yes, it’s back up a bit to around $14 billion, but it still looks tough. TON’s fate is heavily dependent on Telegram, considering that TON used to be Telegram’s own project before finding its footing under the TON Foundation.
Now, with Pavel in trouble, everyone is wondering where TON will go next. The coin fell below its support line in a symmetrical triangle pattern on August 24, indicating that sellers have cornered buyers.
The long tail of the chart on August 25 shows that the bulls tried hard to bounce off the $5.25 support, but failed. They were unable to sustain the momentum. Now, the bears are back, trying to drag the price below the $5.25 level again.
If they succeed in pushing it, we could see the token drop to $4.72. And if that happens, be prepared—it would confirm a bearish head-and-shoulders pattern.
The only hope for TON right now is if it breaks through the 20-day Exponential Moving Average (EMA) at $6.34. If it can break through there, it might crawl up to the 50-day Simple Moving Average (SMA) at $6.66.
But don't get too excited—TON needs to show his true strength, and with Pavel detained, his confidence is shaken.
But wait, there’s more. Notcoin (NOT), another cryptocurrency that runs on the TON blockchain and is connected to a “tap-to-earn” game on Telegram, was hit just as hard.
Its value also dropped 24%, from $0.012 to $0.0091. Its market cap also plummeted, from $1.2 billion to below $950 million.
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