The Toncoin price plunged 15% in the last 24 hours to trade at $5.719 as of 10:00 p.m. EST on trading volume that skyrocketed 438% to $2 billion.
The slump came after Pavel Durov, the Russian-French billionaire who is the founder and CEO of the Telegram messaging app, was arrested at Le Bourget Airport outside of Paris, France.
A warrant for his arrest was issued by a unit of the French National Police because of Telegram’s lack of moderation and cooperation with the police in matters including drug trafficking and pedocriminal offences, reported French news outlet TF1Info .
TON posted a response to the arrest on X that said, ”We want to assure everyone that the TON community remains strong and fully operational.”
Toncoin Price Outlook
Just before Durov’s arrest, the Toncoin price had been trading in a sideways pattern as the bears and bulls struggled for dominance. TON had been trading within the $6.91 resistance and the $6.42 support.
The bears won the struggle, with the price of TON dropping below the consolidation phase to as low as $5.50.
TONUSDT Chart Analysis (Source: Tradingview)
TON now trades below both the 50-day and 200-day Simple Moving Averages (SMAs) as the price sinks.
Moreover, the Relative Strength Index (RSI) has dropped below the 30-oversold region, showing that the asset is under intense selling pressure.
With the RSI crossing below the oversold level, TON is now undervalued, which may be a buying signal. If the bulls start adding to their positions, TON could rebound from the current bearish trend to soar back to the sideways pattern, as they target $7.5.
However, if the selling intensifies, the price of Toncoin could plunge to the major support of around $4.9.
Meanwhile, as TON investors look for more buying signals, traders are betting big on the new play-to-earn (P2E) project PlayDoge (PLAY) , which is offering investors a last chance to buy after raising more than $6.2 million.
According to 99Bitcoins, a popular crypto channel on YouTube, PLAY has the potential to soar 10X after launch.
Last Chance To Buy PlayDoge
There is only one day left before the PlayDoge presale ends on August 26 at 10 a.m. UTC, so investors have no time to lose.
PlayDoge combines the iconic Doge meme with the beloved Tamagotchi game from the 90s, creating a fun virtual gaming experience where players play to earn the game’s native token, $PLAY.
Players engage with a 2D Doge pet in a retro-style app, earning $PLAY tokens through activities like feeding, playing, and adventuring with their virtual pets.
Apart from earning rewards through P2E, $PLAY holders can also earn passively by staking $PLAY for an impressive annual percentage yield (APY) of 73%.
You can buy $PLAY tokens for $0.00531 each. With the presale rapidly nearing its end, buy now before it’s too late.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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