Toncoin On The Path to Recovery With 6% Gains Overnight As Pavel Durov Released On Bail. Can TON Reach $7 This Week?
The price of Toncoin has jumped by as much as 6% overnight, with its move to $5.62 going some way to correcting the plunge it suffered after French authorities arrested Telegram founder Pavel Durov on Saturday.
TON remains down by 14% in a week, however, with the alt also losing 15% in the last 30 days.
Its annual gain of 270% remains impressive, testifying to the growth Telegram has enjoyed in the past year, as well as to growing usage of TON itself.
And while French police have charged Durov in relation to claims of illegal activities on Telegram, the independence of The Open Network from Telegram could potentially protect it from severe repercussions.
French police arrested Durov after the Telegram founder arrived at Le Bourget airport in Paris on Saturday, while yesterday authorities charged the Russian and French national with 12 offences.
These charges relate to the operation of an online platform that enabled illicit transactions, failure to communicate with relevant authorities, and involvement in the organized distribution of child pornography.
Durov is currently under judicial supervision, with prosecutors now conducting an investigation that may (or may not) lead to a criminal trial.
Regardless, this has all been bad news for Toncoin, which while technically independent from Telegram still relies on the latter for much of its traffic.
And while its 24-hour performance has been good, its chart still looks weak overall, with the coin seemingly unable to make a full recovery from the weekend’s nosedive.
Its relative strength index (purple) has stalled at just above 50, despite starting from the very oversold position of 20 on Saturday.
Likewise, its 30-period moving average (orange) is rising only very slowly towards the
Read more on cryptonews.com
