Why Did Toncoin Plummet 18% This Week and What’s Next?

TON crashed this week and continues its bearish price action.

Key Support levels: $4.5

Key Resistance levels: $5.2

1. Sellers Maintain the Pressure

Ever since Telegram’s founder, Pavel Durov, was arrested in Paris, the price has been in a downtrend. This only got worse with time, and the altcoin continues to fall, closing this past week with an 18% loss.

This latest drop has taken the price under $5, with the next support found at $4.5.

2. Toncoin Makes Lower Low

Unable to stop the selloff, Toncoin made a lower low, which confirms that this downtrend is far from over.

While the price may bounce and even touch the key resistance at $5.2, sentiment remains bearish on this action.

3. Sell Volume Continues

Since mid-August, TON has seen nonstop selling. Its volume spiked on the news of the arrest, and bears have continued to dominate since.

This cryptocurrency also experienced network interruptions recently, which delayed any possible recovery.

At this point, it remains unlikely that the price will see any meaningful recovery until there’s some sort of clarity surrounding the circumstances around Pavel Durov.