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Toncoin price has dropped 15% in the last 24 hours to negotiate at $5,719 at 10:00 p.m. EST on trading volume that soared 438% to $2 billion.
The drop came after the arrest of Pavel Durov, the Russian-French billionaire who is the founder and CEO of the messaging app Telegram, at Le Bourget airport near Paris, France.
An arrest warrant was issued against him by a unit of the French national police due to Telegram’s lack of moderation and cooperation with the police in cases such as drug trafficking and child sex crimes, French television channel TF1Info reported.
TON posted a response to the arrest on X that read: “WWe want to assure everyone that the TON community remains strong and fully operational.
TON Community Statement
Following the recent news related to Telegram founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.
As a community committed to freedom of expression and decentralization, we firmly believe…
— TON 💎 (@ton_blockchain) August 24, 2024
Toncoin Price Outlook
Just before Durov’s arrest, Toncoin price was moving sideways as bears and bulls battled for dominance. TON was trading between the resistance at $6.91 and the support at $6.42.
The bears won the battle, with TON price falling below the consolidation phase to $5.50.
TONUSDT Chart Analysis (Source: Tradingview)
TON is now trading below the 50-day and 200-day simple moving averages (SMA) as price declines.
Additionally, the Relative Strength Index (RSI) has fallen below the oversold zone of 30, showing that the asset is under intense selling pressure.
With the RSI breaking below the oversold level, TON is now undervalued, which could be a buy signal. If the bulls start adding to their positions, TON could bounce back from the current downtrend to return to the sideways trend, with a target of $7.5.
However, if the selling intensifies, Toncoin price could plunge to the major support around $4.9.
Meanwhile, as TON investors look for more buy signals, traders are betting big on the new play-to-earn (P2E) project PlayDoge (PLAY)which is offering investors one last chance to buy after raising more than $6.2 million.
According to 99Bitcoins, a popular crypto YouTube channel, PLAY has the potential to surge 10x after its launch.
Last chance to buy PlayDoge
With just one day left until the PlayDoge presale ends on August 26 at 10am UTC, investors have no time to waste.
PlayDoge combines the iconic Doge meme with the beloved ’90s Tamagotchi game, creating a fun virtual gaming experience where players compete to earn the game’s native token, $PLAY.
Players interact with a 2D Doge pet in a retro-style app, earning $PLAY tokens through activities like feeding, playing, and adventuring with their virtual pets.
Don’t ghost your #Doge or he will die 👻
Feed your Doge, earn rewards and level up. No mazes, just fun!#Presale is launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
In addition to earning rewards via P2E, $PLAY holders can also passively earn by $PLAY put into play for an impressive annual percentage yield (APY) of 73%.
You can purchase $PLAY tokens for $0.00531 each. With the pre-sale quickly approaching its end, buy now before it’s too late.
To participate in the presale, buy $PLAY on the official website here using BNB, USDT or a bank card.
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