As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs, twists and turns. The recent 10% plunge in Notcoin price following the news about Pavel Durov’s criminal charges is yet another reminder that this space is anything but predictable.
On Monday, the value of Notcoin dropped by 10% due to the revelation that Telegram’s founder and CEO, Pavel Durov, is being investigated for 12 significant criminal charges. This announcement intensified the urge to sell among investors associated with Telegram-linked cryptocurrencies like Toncoin (TON) and Notcoin (NOT), potentially indicating a prolonged period of market adjustment.
Notcoin Price Tumbled as Pavel Durov Faces 12 Criminal Charges
Based on a statement from French judicial authorities dated August 27, 2024, Telegram’s founder Pavel Durov is currently dealing with twelve significant criminal accusations. The arrest of Durov occurred last Saturday evening at Le Bourget airport near Paris, an event that caused a stir in the tech and cryptocurrency sectors.
The 12 criminal charges include complicity in managing an online platform for illegal transactions, refusal to cooperate with authorities, possession and distribution of child pornography, drug trafficking and possession, facilitating unauthorized access to data systems, organized fraud, and criminal association for serious crimes.
Furthermore, he faces allegations for involvement in money laundering connected to criminal organizations, offering prohibited cryptography services and devices, and bringing cryptography tools into the country without necessary customs declarations.
In this update, the value of Notcoin tumbled down to $0.0086, representing a 25% decline over a span of 72 hours, causing its market capitalization to drop significantly to approximately $887.2 billion.
NOT Price Nearing Major Breakout
Over the last three months, the Notcoin price has been following a gradual downward adjustment due to a falling wedge shape in its graph. This pattern, called a falling wedge, is defined by two lines that gradually come closer together, acting as changing points of resistance and support for the price.
If legal issues persist for Pavel Durov, there’s a possibility that the NOT token could drop by another 5%, potentially dipping below its current trendline. A bearish breakout from the wedge pattern may amplify the selling pressure, leading to a potential 42% decrease and reaching the $0.046 support level.
Right now, the altcoin is attempting to break through the bottom limit of the Bollinger Band, suggesting that sellers are in control and driving the price down.
Instead of continuing the downward trend, a falling wedge usually indicates a change in direction, offering a fresh chance for a breakout. If the underlying trendline remains intact, the price of Notcoin might bounce back and even surpass the upper trendline. The upward momentum following the breakout could regain bullish sentiment, potentially setting a target at $0.018.
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2024-08-26 23:34