Toncoin Price Correction Amid Market Decline

Toncoin (TON) rose by 7.99% but is now leading a general price correction in cryptocurrency majors. The global market capitalization for the sector has declined by 3.6% in the past 24 hours.

Technical Outlook for Toncoin

The technical outlook for Toncoin seems unfavorable following the recent arrest of CEO Pavel Durov in France, according to YouHodler Risk Manager Sergei Gorev. Since Durov’s arrest last Saturday at Paris’s Le Bourget airport, Toncoin’s price has dropped by 20%.

“Toncoin has broken through its 200-day moving average and remains below it. A technical head and shoulders pattern has emerged on the chart; if this formation plays out, Toncoin’s price could fall further, possibly to $2,” Gorev stated.

Although Toncoin is officially separate from Telegram, it was initially developed using technology from the messaging app. Due to regulatory scrutiny concerns, the project was later open-sourced and is now managed by The Open Network (TON), which completed development and released Toncoin, now integrated with Telegram.

Surge in Long Liquidations on Centralized Exchanges

The cryptocurrency market has witnessed a spike in long liquidations over the past 24 hours, with 60,287 traders liquidated, according to Coinglass data. Total liquidations across centralized exchanges reached $144 million, with $127 million stemming from long positions.

Ether saw long liquidations amounting to $46 million out of a total of $48 million. Toncoin long liquidations were $1.7 million out of $2.5 million during the same period.

Ethereum (ETH) and Toncoin have faced heavier losses in the past day compared to Bitcoin, declining by over 5% and 4%, respectively, while Bitcoin has dipped by around 3%, according to The Block’s Prices Page.