The TON network faced a severe disruption early this morning, with no new blocks generated for nearly three hours, sending shockwaves across the crypto community. According to data from Tonscan, the latest block was created at 06:11:46 UTC+8. In response, major exchanges like Bybit and Binance swiftly suspended deposits and withdrawals, citing network instability. This abrupt incident comes hot on the heels of the arrest of Pavel Durov, the network’s founder, in France—an event that has cast a long shadow over Toncoin’s prospects.
Arrest of Pavel Durov Sends Shockwaves Through the Market
Pavel Durov, the 39-year-old Russian-born billionaire behind the Telegram messaging app and the TON blockchain, was detained at Le Bourget airport near Paris. The circumstances of his arrest remain shrouded in mystery, fueling speculation and anxiety among investors. Durov’s detention has triggered a significant sell-off in Toncoin, with the token’s price plummeting by over 22% in the days following the news. The arrest has raised concerns about the future of both Telegram and its associated projects, particularly TON, leading to heightened volatility in the token’s market.
Technical Analysis – A Potential Buying Opportunity?
Despite the recent turmoil, there is a growing belief among investors that now might be an opportune moment to re-accumulate TON. From a technical standpoint, Toncoin appears to be forming a solid support base between its 200-day and 365-day Exponential Moving Averages (EMA). The token is currently hovering near the lower end of this range, suggesting that a potential rebound could be on the horizon.
For those looking to enter or expand their position in TON, analysts suggest targeting the current price range of $5.7 to $4.7. This strategy is aimed at capitalizing on a possible recovery driven by both technical indicators and the anticipated resolution of the Durov situation. Market sentiment suggests that should Durov be released soon, as some predict, the pressure on TON’s price could ease, allowing the token to regain its footing.
Also Read: Toncoin Tumbles 1.33% To $5.33 Amid Network Disruption And $1.43M Long Liquidations
Long-Term Outlook – A 3x to 5x Potential?
Despite the current challenges, the long-term outlook for Toncoin remains optimistic. Investors with a high tolerance for risk see the current dip as a chance to buy into the token before a potential price surge. Predictions for Toncoin’s price appreciation are ambitious, with some analysts targeting a 3x to 5x increase from current levels. This outlook is underpinned by Toncoin’s strong fundamentals and innovative technology, which are expected to drive significant outperformance relative to the broader cryptocurrency market in the long run.
The TON network’s recent outage and Pavel Durov’s arrest have undoubtedly created short-term headwinds for Toncoin. However, for investors willing to navigate the uncertainty, there may be substantial rewards on the horizon. As the market digests the implications of these events, the current price action could present a strategic buying opportunity, with the potential for significant gains if the token rebounds as anticipated.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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