Pavel Durov's arrest in France significantly affected the price of Toncoin.
The cryptocurrency's price crashed to as low as $5, and analysts believe the general market might react.
Some analysts believe that if the decline continues, the $4.6 price level might be retested.
On the other hand, other analysts like Altcoin Sherpa see entries around $5 - $5.5 and a take profit of $6.3.
The ongoing decline in the price of Toncoin has been a major source of concern among crypto trading experts, who have repeatedly warned that this trend might ripple through the entire market and cause even more crashes.
Here's what's been up and what might come next for the market.
According to Izvestia, a Russian media outlet, BitRiver CEO Igor Runets believes that this market-wide dip might be inbound if Toncoin fails to recover soon.
This decline in the price of TON came just after the recent arrest of Pavel Durov, the co-founder and CEO of Telegram in France.
According to Runets, this event is set to have massive effects on issues like internet freedom, data privacy, and the future of the crypto industry.
So far, Toncoin has crashed by around 20% in the past week and is trading only slightly above $5.
Interestingly, Izvestia reports that Timofey Grigorenko, the CEO of Ubit, believes the price of Toncoin will be very prone to massive manipulation during this period.
Grigorenko believes that traders typically bet on further price drops during periods of uncertainty in an attempt to profit from the market's volatility.
There are several parallels between Durov's arrest and Changpeng Zhao's in the United States in 2023 over Binance's anti-AML policies.
This means that Toncoin's volatility is only just beginning. Considering Bitcoin's ongoing crash below the $60,000 zone, it is safe to assume that the market is starting to react to Toncoin.
If the market continues to decline this way, according to another report from Izvestia, we might see a crash straight down to as low as $4.6.
According to analysts like Altcoin Sherpa and Crypto Dog, the best time to buy is generally when there is blood in the water.
Keep in mind that according to CoinMarketCap, Toncoin trades at around $5.38 at the time of writing.
Toncoin’s price action
According to Altcoin Sherpa in a recent X post, the $5.5 price level is a great place to get into the market.
The analyst expected Toncoin to "reverse a bit" (which it has) and then rebound from a technical standpoint.
The analyst believes patience is key, and generally expects to take profits at around $6.3—which would be around a 25% price increase from current price levels.
Take profit opportunity on Toncoin.
Crypto Dog, on the other hand, believes that Toncoin is set to "pump back extremely hard" before mentioning that Durov will be free "relatively quickly."
Like Altcoin Sherpa, CryptoDog believes that the price target for Bitcoin is around $6.23.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.