SNEAK PEEK
- Telegram turmoil triggers 21% drop in Toncoin (TON) over the past week.
- Notcoin (NOT) crashes 6%, with trading volume down 37.74% amid market uncertainty.
- Technical indicators signal bearish trend for Notcoin as market volatility rises.
Telegram’s turmoil has sent shockwaves through the cryptocurrency market, significantly impacting Toncoin (TON) and Notcoin (NOT). The recent arrest of Telegram co-founder Pavel Durov in France has led to increased volatility, notably causing Toncoin, the tenth-largest digital asset by market capitalization, to plunge 21% over the past week.
JUST IN: 🇫🇷 Telegram Founder & CEO Pavel Durov arrested in France. pic.twitter.com/NtJmtJewm0
— Watcher.Guru (@WatcherGuru) August 24, 2024
Simultaneously, Notcoin, a play-to-earn token integrated into the TON blockchain, has experienced a severe downturn, reflecting the broader uncertainty in the market.
Toncoin (TON) is currently trading at $5.47, dropping 2.81% in the last 24 hours alone. The cryptocurrency, previously hitting a daily high of $5.68, saw its value slide to as low as $5.08.
This decline is part of a broader trend, with Toncoin now down 33.95% from its all-time high of $8.24, a peak it reached in June as the Telegram ecosystem gained popularity. The instability in Toncoin’s value highlights the significant impact of external events, such as the arrest of a key figure in its associated platform, on its market performance.
Notcoin (NOT) has not been spared from the market turbulence. The token, central to a tap-to-earn game on the TON blockchain, has sharply declined. In the past 24 hours, Notcoin’s price dropped 6%, bringing it to $0.00888.
The cryptocurrency’s trading volume also fell by 37.74%, now standing at $270 million. The market capitalization of Notcoin currently sits at $909 million, placing it as the 70th-largest altcoin by valuation.
The movement of Notcoin’s price has been dramatic to say the least, as the trading day began with the price of Notcoin standing at $0.009421, the highest value of $0.009541 was hit before the price moved down to a low of $0.008363. Not any day since Notcoin was launched in May has this currency appreciated, on the contrary the currency has lost 38.62% and it has lost 69.44% since the all-time high of $0.02896 on June 2.
The forecast for that cryptocurrency is, to say the least, alarming: the last week of trading has led to a decline of 18.40%. And the trend continues for the last 30 days of this cryptocurrency activity a reduction of 37.66% is evident.
However, the bearish market is confirmed by the technical analysis of the Notcoin market, which indicates a prevailing bearish control. The RSI is currently at 36.28, implying that the token has been overpurchased and is currently being sold off in the market.
Nevertheless, based on the gradient of the RSI line, one can assume that shortly before we will see higher prices. Moreover, the Al/D line indicates that not only the accumulation process of Notcoin slows down but even a short-term sharp increase in the accumulation is unlikely.
