Toncoin Price Plummets by 20% as Billionaire Founder Pavel Durov Gets Arrested – Will It Recover? Bitcoin Fails to Reach $70,000, Ethereum Struggles to Break Resistance
In a sudden turn of events, the price of Toncoin dropped by nearly 20% following the arrest of Telegram founder Pavel Durov. The cryptocurrency market was left reeling from this blow, with TON’s performance taking center stage.
Currently valued at around $5.60, Toncoin has seen a significant decline from its recent highs of almost $7.00. The selling pressure intensified after news of Durov’s arrest, causing a steep drop in value.
Despite attempting to stabilize around $6.00, Toncoin faced further losses as key support levels were breached. Technical indicators point to a precarious situation for TON, with both the 200-day and 50-day moving averages acting as critical barriers that have been broken.
The surge in trading volume during the sell-off indicates heavy selling pressure, suggesting that investors were eager to offload their holdings. This lack of buying interest has raised concerns about Toncoin’s future prospects and the need for positive developments to restore investor confidence.
On the other hand, Bitcoin struggled to break the $70,000 threshold, facing strong resistance as it approached this crucial psychological level. Despite bullish momentum, Bitcoin’s price dropped to around $63,951 after failing to surpass $64,600. The inability to breach $70,000 highlights the lack of buying conviction among traders, with sell orders being placed at this key level.
Technical indicators suggest strong resistance for Bitcoin, with the 200-day moving average adding further hurdles. The relative strength index (RSI) indicates that Bitcoin may have been overbought, leading to a cooling-off period as buying pressure waned.
Meanwhile, Ethereum is grappling with breaking through the $2,750 resistance level, struggling to gain momentum towards the $3,000 mark. The network’s underutilization despite price recovery raises concerns about the lack of purchasing power needed to drive the price higher.
In conclusion, the recent market developments highlight the challenges faced by Toncoin, Bitcoin, and Ethereum. Investors should closely monitor these digital assets’ performance and be prepared for potential price fluctuations as the market continues to navigate through uncertain waters.