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Renowned cryptocurrency analyst spots “a sense of denial” among holders of TON.
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Telegram’s founder is returning to Dubai after spending many months in France behind bars.
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TON has reached a critical level before a potential significant move.
Ali Martinez, a cryptocurrency analyst, has noted a possible “sense denial” among holders TON, the native currency of the TON Blockchain, following recent news regarding Telegram’s founder Pavel Durov.
In his latest analysis Martinez noted the cryptocurrency’s struggle to reach a historically significant price level.
The analyst noted that the TON/USD chart shows a price that has been hesitant in its attempt to break through the resistance at $3.5.
The cryptocurrency experienced a notable rise from a local minimum of $2.35, after a significant drop. It gained momentum and a strong rally before hitting resistance at its current level.
Why is the $3.5 level important?
Martinez also reviewed TON’s past year’s price and cited the $3.5 area as an optimistic level for last year’s bull market. The price acted as a momentum booster for TON holders and triggered a substantial rise in the cryptocurrency’s value.
Martinez believes that Durov’s ongoing dispute with the French government could be negatively impacting TON’s prospects. The legal situation seems to have halted the recent rally, which followed the cryptocurrency’s attempt to recover.
Related Crypto Market Jitters As Pavel Durov’s Releasing Odds Dwindle
Durov was recently released from custody by the French government after being held in custody for a few months. The Telegram founder was arrested by French authorities in August last year, on charges that he had failed to moderate his platform or curb criminal activity. Durov, however, denied the accusations, stating that he had worked with law enforcement on drug trafficking, child sex abuse content, and fraudulent activity.
Typically, members of the crypto community would expect Durov to return to his home city of Dubai and to generate positive sentiments towards TON. This could still happen depending on how the altcoin moves from its current level.
Related:Toncoin market performance slips with open interest falling to $141M
Martinez, however, characterized the current state of affairs as a “sense denial,” as mentioned previously, suggesting that TON holder’s might be overlooking Durov’s potential impact.
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