{"id":3759,"date":"2024-09-05T08:00:28","date_gmt":"2024-09-05T08:00:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3759"},"modified":"2024-09-05T08:00:28","modified_gmt":"2024-09-05T08:00:28","slug":"toncoin-ton-must-reclaim-4-70-support-or-face-potential-45-drop-analyst","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3759","title":{"rendered":"Toncoin (TON) Must Reclaim $4.70 Support Or Face Potential 45% Drop, Analyst"},"content":{"rendered":"

Toncoin (TON), the native cryptocurrency of The Open Network<\/a> blockchain, has experienced a challenging week, further compounded by a broader market downturn and the recent arrest of Telegram CEO Pavel Durov. Currently trading at $4.62, Toncoin is below a critical support level that analysts believe is essential for a price recovery.<\/p>\n

Toncoin Faces Critical Support Challenge\u00a0<\/h2>\n

In a recent social media post<\/a> on X (formerly Twitter), crypto analyst Ali Martinez has highlighted the urgency for Toncoin to reclaim the $4.70 mark soon. Failure to do so could trigger a significant correction of up to 45%, potentially dropping the token to around $2.60.\u00a0<\/p>\n

Martinez noted that the token\u2019s three-day chart is forming a head and shoulders pattern, which indicates that if Toncoin cannot consolidate above the $4.70 level, it may invalidate the bullish outlook and lead to a steep decline.<\/p>\n

The backdrop to this turmoil includes the recent arrest <\/a>of Pavel Durov in France at the end of August. Reports indicate that Durov was taken into custody for initial questioning related to serious allegations against Telegram, including claims that the platform facilitated criminal activities such as fraud, drug trafficking, and the dissemination of child pornography.\u00a0<\/p>\n

Additionally, the app has faced criticism for its perceived lack of content moderation and alleged connections to extremist groups.<\/p>\n

Durov\u2019s arrest has sparked a wave of backlash from Russian politicians, some of whom suggest that the detention may be politically motivated. Tatyana Moskalkova, Russia\u2019s top human rights official, claimed that French authorities aimed to undermine Telegram<\/a>, a platform known for its emphasis on privacy and free speech.<\/p>\n

Potential Ban Looms For Telegram<\/h2>\n

The legal troubles for Telegram extend beyond France, as the Indian government has initiated an investigation <\/a>into the messaging app. Concerns have arisen regarding its use for criminal activities, including extortion and gambling.\u00a0<\/p>\n

Allegations suggest that Telegram\u2019s peer-to-peer communication features have been exploited by \u201cbad actors\u201d to facilitate illicit actions. Complicating matters, Telegram lacks a physical office in India, which hampers the government\u2019s ability to regulate and investigate the platform effectively.<\/p>\n

Depending on the investigation\u2019s findings, Telegram could face significant repercussions, including a potential ban in India. This ongoing scrutiny of the platform and its leadership poses additional challenges for Toncoin, as market sentiment continues to be influenced by developments surrounding Telegram and its CEO.<\/p>\n

It remains to be seen whether positive outcomes on these legal matters could provide the much-needed catalyst for TON <\/a>to rally in the coming days, as the market continues to show a lack of demand and buying pressure led by the largest cryptocurrencies on the market.<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Toncoin (TON), the native cryptocurrency of The Open Network blockchain, has experienced a challenging week, further compounded by a broader market downturn and the recent arrest of Telegram CEO Pavel Durov. Currently trading at $4.62, Toncoin is below a critical support level that analysts believe is essential for a price recovery. Toncoin Faces Critical Support […]<\/p>\n","protected":false},"author":0,"featured_media":3760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3759"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3759"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3760"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}