Toncoin ($TON ) recently faced a sharp downturn, plummeting over 25% after Telegram founder Pavel Durov's arrest on August 25. The cryptocurrency hit a low of $4.45 by September 6 but managed to rebound by 15%, reaching $5.15 by September 9. However, technical indicators suggest more potential declines are on the horizon.

Toncoin's price has formed an inverse cup-and-handle pattern, a bearish sign. The $TON/USDT pair slipped below its key support level of $5 on September 3, and this level has now turned into resistance. If Toncoin can't break back above this point, sellers may drive the price down to $3.60, signaling a possible 30% decline.

Compounding the bearish outlook, Telegram faces legal challenges in South Korea, India, and Indonesia, with investigations into content moderation and data practices. These mounting pressures could lead to further instability for Toncoin, especially given its close ties to Telegram and Durov.

Despite these setbacks, Toncoin's whales remain unfazed, increasing their holdings following the arrest. The total value locked (TVL) in Toncoin’s ecosystem continues to grow, supported by new projects like $DOGS. These developments could provide some long-term stability for Toncoin, even as it navigates short-term volatility.

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