BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Toncoin Faces Volatility Amid Telegram Controversies and Market Patterns

by Matoy
September 9, 2024
in Breaking News, Crypto
A A
1
SHARES
Share on TwitterShare on Reddit
  • Toncoin value dropped over 25% after Telegram founder Pavel Durov’s arrest but rebounded by 15% within days.
  • Technical patterns suggest Toncoin might see further declines due to bearish market formations.
  • Legal challenges against Telegram in multiple countries are adding to market pressures on Toncoin.

Toncoin, the cryptocurrency associated with the messaging app Telegram, recently experienced a significant drop in market value, triggered by the arrest of Telegram’s founder, Pavel Durov. Following the initial decline, the cryptocurrency saw a partial recovery, yet market analysts predict potential further downturns based on current trading patterns and ongoing legal issues.

Market Fluctuations and Technical Analysis

After a steep 25% fall in value that saw Toncoin’s price dip to $4.45 on September 6, the digital currency managed a swift recovery to over $5.15 by September 9. Despite this rebound, technical indicators suggest that the cryptocurrency could be at risk of a continued decline. Analysts point to an “inverse cup-and-handle” pattern on the price charts, a typical bearish signal suggesting that the price could drop further.

This pattern indicates a potential 30% price decrease for Toncoin, with a possible downside target around $3.60. The pattern will be confirmed if the price fails to regain its previous support level, which has now turned into a resistance point.

Legal Challengengths Amidst Challenges

Despite these challenges, there are signs of resilience within the Toncoin ecosystem. Data from Santiment indicates that the largest Toncoin holders have been increasing their holdings following the arrest of Durov, suggesting a level of confidence among significant investors.

According to DeFi Llama, the total value locked (TVL) in the Toncoin ecosystem has seen growth during this turbulent period, buoyed by new projects like gaming and memecoin initiatives launching on the network. This continued development activity within the Toncoin ecosystem could provide some support to its market value, countering the negative impacts of the broader market and legal challenges.

Tags: toncoin
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

XRP at a Crossroads: Only Two Ways This Can Go
Crypto

XRP at a Crossroads: Only Two Ways This Can Go

June 20, 2025
Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?
Crypto

Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

June 20, 2025
Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire
Bitcoin

Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

June 19, 2025
SHIB Slides to Two-Month Low as Bears Eye Key Support Level
Crypto

SHIB Slides to Two-Month Low as Bears Eye Key Support Level

June 19, 2025
XRP at a Tipping Point: Breakout or Breakdown?
Crypto

XRP at a Tipping Point: Breakout or Breakdown?

June 19, 2025
Who Will Win the Layer 1 Crypto War? These Are the Chains to Watch Right Now
Cardano

Who Will Win the Layer 1 Crypto War? These Are the Chains to Watch Right Now

June 19, 2025
Load More

Related News

XRP at a Crossroads: Only Two Ways This Can Go

XRP at a Crossroads: Only Two Ways This Can Go

June 20, 2025
Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

Polymarket Thinks US Stablecoin Bill Is a Near Lock—But Will It Actually Pass?

June 20, 2025
Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

Semler Plans 105K Bitcoin by 2027 After Vet Crypto Hire

June 19, 2025
SHIB Slides to Two-Month Low as Bears Eye Key Support Level

SHIB Slides to Two-Month Low as Bears Eye Key Support Level

June 19, 2025
XRP at a Tipping Point: Breakout or Breakdown?

XRP at a Tipping Point: Breakout or Breakdown?

June 19, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.