Ramazan Eles 
YouHodler’s Risk Manager, Sergei Gorev, has surprised many with his price prediction for Toncoin (TON).
According to Gorev, after Telegram founder Pavel Durov was arrested last Saturday upon landing his private jet at Paris’s Le Bourget airport, Toncoin’s value dropped by 20%.
Gorev pointed out that Toncoin fell below its 200-day moving average (MA200) and failed to hold above this key level:
The technical outlook for Toncoin appears bleak following CEO Pavel Durov’s arrest in France.
Gorev also noted the emergence of a head and shoulders pattern on the charts, a formation often interpreted as a bearish signal in technical analysis. If this pattern fully develops, Gorev suggests that Toncoin’s price could plunge to $2.
Even though Toncoin is officially a separate project from Telegram, the company behind the messaging app initially developed some of the core technologies for this project.
However, to avoid regulatory pressure, the project was later made open source. The Open Network (TON) then took over, completed its development, and launched Toncoin. Since then, Toncoin has become integrated with Telegram.
According to CoinGecko data, TON has lost 2.2% of its value in the last 24 hours and is currently trading at $5.34 at the time of writing.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.