Toncoin (TON) price analysis amidst Durov arrest

Toncoin (TON) has lost a staggering 21% over the past week as its value plummeted following the arrest of Telegram founder Pavel Durov. More bad news for TON is that French authorities have charged Durov with complicity in multiple criminal activities and failing to provide cryptographic access per the authorities’ demands. TON plummeted following news of Durov’s arrest on August 24, dropping almost 12%, slipping below crucial support levels and wiping out considerable gains made over the previous week. TON continued to drop over the weekend, falling to a low of $5.26 before demand at lower levels enabled a recovery of sorts. Despite this, TON fell by almost 3%, settling just above the 200-day SMA at $5.76.

Buyers attempted a recovery on Monday as TON rose to a day high of $5.99, almost regaining the $6 level. However, sentiment changed, and sellers retook control, driving TON down by nearly 11% to $5.14. The drop also saw TON slip below the 200-day SMA and the $5.50 support level. The current session has seen buyers enter the market, indicating lower-level demand. TON is currently up by just over 6% and trading around the $5.45 mark. If buyers continue to enter the market, TON could push back above $5.50 and attempt to reclaim the levels above the 200-day SMA. However, TON could slump back to $5 if sentiment changes again.