Why has Toncoin fallen 18% this week and what is going on?

TON crashed this week and continues its bearish price action.

Key support levels: $4.5

Key resistance levels: $5.2

1. Sellers keep up the pressure

Since the founder of Telegram, Pavel Durov, was arrested in Paris, the price has been in a downward trend. This only got worse over time and the altcoin continues to fall, closing last week with an 18% loss.

This latest drop has taken the price below $5, and the next support is at $4.5.

TradingView chart 2. Toncoin down

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

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

Chart by TradingView 3. Sales volume continues

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

This cryptocurrency also experienced network outages recently, which delayed any potential recovery.

At this point, the price remains unlikely to make a significant recovery until there is some sort of clarity on the circumstances surrounding Pavel Durov.

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