Toncoin (TON) and Ethereum (ETH) led a significant price correction in the cryptocurrency market, with the global cryptocurrency market cap falling by 3.6% in the past 24 hours.
The decline largely affected major tokens and signaled a temporary downtrend in the industry.
Toncoin, in particular, has come under heavy selling pressure following the arrest of Telegram CEO Pavel Durov in France. According to YouHodler Risk Manager Sergei Gorev, Durov was detained after arriving at Paris’s Le Bourget airport on a private jet last Saturday. Since the arrest, Toncoin’s value has fallen by 20%. Here’s what Gorev had to say about TON:
“Toncoin has broken out of its 200-day moving average and continues to remain below it. In addition, a head and shoulders pattern has formed on the chart. If this technical pattern plays out in full, we could see Toncoin fall further, potentially reaching $2.”
Although officially separate from Telegram, Toncoin’s roots can be traced back to the messaging platform. Telegram initially developed some of the technology behind the coin but later distanced itself due to regulatory concerns.
*This is not investment advice.
