Toncoin’s Turbulent Week: Price Plunge Amidst Uncertainty

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The Tumultuous Week for Toncoin (TON): A Price Plunge Amidst Uncertainty

The recent arrest of Pavel Durov, the founder of Telegram, has sent shockwaves throughout the crypto market, causing the price of Toncoin (TON) to plummet. After a 7-hour network outage, investor confidence has been severely weakened, leading to a significant drop in the cryptocurrency’s value.

The arrest has raised concerns about the potential impact of Durov’s time behind bars on the cryptocurrency’s price. Furthermore, the recurrent downtime of over 7 hours has added to the uncertainty, likely resulting in fewer and less trusted users who may be questioning the trustworthiness and stability of the network.

Any cryptocurrency can experience such outages due to security concerns, which could impact its adoption and usage. Despite the severity of these incidents, it’s essential to remember that the network has been restored, making it more feasible to restore it in the future when needed.

Technically speaking, the data indicates that Toncoin is indeed experiencing bearish momentum. The Relative Strength Index (RSI) suggests that the crypto market is oversold, while the On-Balance Volume (OBV) shows increasing selling pressure. In addition, delta (cumulative liq levels) is negative currently meaning that short positions outperform long ones.

In price action, Toncoin has experienced a sharp decline, hitting $6.94 before plummeting to a local low of $5.13. The possibility exists that Toncoin could move towards the $5.13 local lows, particularly if the current bearish momentum persists. However, it’s worth noting that there is a very active area of long liquidations between $4.92 and $5, which could result in monetary gains for the near-horizon. In addition, a short squeeze in the next 24 hours could also stabilize prices.