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The Toncoin price dropped 4% in the last 24 hours to trade at $5.39 as of 03:34 a.m. EST on trading volumes that plunged 23% to $1.2 billion.
This comes as the United Arab Emirates (UAE) announced late Monday that it had asked the French government to allow consular access to Telegram CEO Pavel Durov, who is currently in police custody in Paris.
Durov was arrested late Saturday night and is still being held as part of a probe into allegations relating to child pornography, drug trafficking, and organized crime on the Telegram messaging platform.
After the arrest, The Open Network (TON) experienced a notable effect, with its native TON token plunging over 20%.
Toncoin Price Aims For A Rebound
Since the arrest, the Toncoin price dropped from the $6.82 resistance, according data from GeckoTerminal. Bulls have been trying to keep the price above the $5.0 support level resulting in the formation of a falling channel pattern.
With the token currently on a downtrend, TON trades below both the 50 and 200 Simple Moving Averages (SMAs) on the hourly chart, supporting the downtrend.
However, the Relative Strength Index (RSI) is rebounding from the 30 oversold level, currently at 47, indicating that buying pressure is building up as investors prepare to add to their positions.
Moreover, the Moving Average Convergence Divergence (MACD) is also rebounding towards the neutral line on the 1-hour chart, suggesting that TON is building up momentum as it moves towards an uptrend.
The green bars on the histogram also extend beyond the zero line, signaling that the price of TON is on positive momentum.
According to the Toncoin price analysis, the crypto shows a bullish bias, as the bulls aim for a rebound over the falling channel pattern. If the rebound is successful, TON could soar to $6.3.
However, if the bears exert more pressure on the crypto, the price of Toncoin could drop to the $5.0 support zone.
Meanwhile, investors are buying the new meme coin The Meme Games (MGMES), which has already garnered over $400K through its presale.
According to Jacob Bury, a popular crypto analyst on YouTube, MGMES has the potential to surge 10X after its launch.
The Meme Games Presale Amasses Over $400K – Best Meme Coin To Buy Now?
With just over three weeks until its launch, The Meme Games is set to become a notable player in the crypto space and potentially deliver substantial returns.
The Meme Games is a novel meme coin project that has emerged with its own unique P2E ecosystem. It involves a gamified presale and offers a chance to interact with the Olympics in a whole new way.
CRYPTO BREAKING NEWS
The Meme Games raises over $100K on opening day of presale. The Meme Games presale raises over $100K in its first 24 hours, capturing attention in the booming memecoin sector. #partnercontent check us out @ https://t.co/8dh137buUp pic.twitter.com/YwzyP2glE4— InnovatekMobile (@Neome_com) July 17, 2024
The project combines the competitive spirit of the Olympics with the vibrant, fun-filled ecosystem of meme coins in an exhilarating fusion.
Here, investors support a meme character of their choice, which acts as an athlete competing in the blockchain version of the Olympics. Their wins will earn their backers a 25% bonus.
As a token holder, you can earn passively through the project’s staking mechanism as well. All you need to do is buy and stake MGMES for an annual percentage yield (APY) of 482%.
You can buy MGMES tokens now for $0.00935. A price hike is coming in about four days, so you might want to hurry in order to lock in the best deal.
Purchase MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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