Toncoin (TON) Price Prediction: Will TON Rebound or Crash to New Lows?

Toncoin (TON), the native cryptocurrency of The Open Network, is grappling with a turbulent week, exacerbated by market instability and the arrest of Telegram CEO Pavel Durov.

Toncoin, the native cryptocurrency of The Open Network, has had a turbulent week. Several factors, including market instability and the arrest of Telegram CEO Pavel Durov, have impacted TON price.

Toncoin trades below the $4.70 support level, sparking concerns among analysts. If Toncoin fails to recover soon, it could face a potential 45% drop, falling down to $2.60. Moreover, a three-day chart of the token reveals the formation of a head-and-shoulders pattern, indicating a bearish trend if Toncoin doesn’t stabilize above the $4.70 support.

External factors are also heavily influencing Toncoin price. Here are the key developments impacting the token:

1. Telegram CEO’s Arrest and Impact on TON Price

The market instability is largely attributed to the arrest of Telegram CEO Pavel Durov in France. The arrest stems from allegations that Telegram was used to facilitate various criminal activities, such as fraud, drug trafficking, and the distribution of child pornography.

Furthermore, the app has faced criticism for its lack of content moderation and links to extremist groups. However, Durov claims that Telegram is being targeted by Russian authorities due to its stance on free speech, and his arrest is part of a broader attempt to silence the platform.

2. Potential Telegram Ban in India over Illegal Activities

Telegram’s legal troubles extend beyond France. In India, the government has launched an investigation into the platform over concerns that it’s being used to facilitate extortion, gambling, and other criminal activities.

Since Telegram doesn’t have a physical presence in India, it has largely escaped regulation. However, the investigation could lead to a ban on the app in India if the government finds evidence of widespread illegal activities.

The ongoing legal pressure on Telegram and its leadership is impacting Toncoin price, as market sentiment towards the token remains closely tied to developments surrounding the messaging platform.

Will Toncoin Rebound?

As the broader crypto market continues to lack buying pressure, Toncoin’s fate may depend on both technical analysis and the resolution of Telegram’s legal issues. If the outcome is positive, Toncoin could see a rebound. However, the current outlook remains uncertain.

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