Toncoin (TON) Soars 20% as Telegram Founder Pavel Durov Relocates to Dubai

According to CoinMarketCap, Toncoin (TON) surged over 20% to reach $3.48 when news emerged that Telegram founder Pavel Durov relocated from France to Dubai.

Key Insights:

* Toncoin (TON) price surged over 20% to reach $3.48 when reports emerged that Telegram founder Pavel Durov had relocated from France to Dubai.

* With strong technical support holding, traders are now focusing on $5 as the upcoming resistance point yet analysts predict TON will reach $50 when adoption and integration continue to grow.

* Durov’s return to Dubai signals the conclusion of a legal ban that forced him to stay in France since his arrest on August 24.

* The market uncertainty triggered by Durov’s detention led to an immediate price drop, where TON fell below $4.50 from its initial value of $6.89 during September.

* The sell-off occurred as investors grew doubtful about the token integration within Telegram following the uncertain situation regarding Durov.

* However, the restoration of his passport and freedom to move has brought back his self-assurance and the TON Foundation maintains its dedication to privacy and free speech and decentralization principles that reflect Durov’s original vision.

* Blockchain development of the token will likely speed up now that Durov has returned to Dubai, where Telegram operates its headquarters and key operations.

Technical Analysis: Is TON Price Gearing Up for a Breakout?

After swiftly recovering from the $2.50 support zone, traders are now focusing on the next resistance level at $5. According to crypto analyst Patel, long-term investors will use the $3 to $2.40 price range to accumulate TON before the next substantial market movement.

The next crucial challenge will be for the price to overcome the $5 resistance barrier. A successful crossing of this price threshold would likely initiate a bigger price rally that would push traders toward double-digit targets.

According to him, the token’s final target will be $50 when adoption and integration continue to grow.

The post Toncoin (TON) Price May Soar 1000% After Next Key Resistance Point appeared first on Benzinga.

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