The post Will Telegram Coins Recover After Pavel Durov’s Release? appeared on BitcoinEthereumNews.com.

Cryptocurrencies linked to the Telegram messaging app experienced steep declines after Pavel Durov’s recent arrest. Beyond Toncoin (TON), Telegram coins, including the tap-to-earn project Notcoin (NOT) and PAAL AI (PAAL) faced a similar fate. As of this writing, NOT’s price has decreased by 20% in the last 24 hours. PAAL’s price, on the other hand, slid by 7.99%. Will these tokens recover? Notcoin Price at Risk of Further Losses On August 22, Notcoin’s price was $0.010 and showed signs of reclaiming $0.012. However, Durov’s unfortunate arrest appears to have invalidated that prediction. At press time, NOT trades at $0.0095 and has nosedived below the descending trendline. According to the daily chart, the drawdown could be linked to the wider market sell-offs, which happened as an aftereffect of the incident in France. As seen in the chart below, Bull Bear Power (BBP) has dropped to the negative region. The BBP, also known as the Elder Force Index (EFI), gauges if buyers or sellers are stronger in the market. Read more: 5 Top Notcoin Wallets in 2024 Notcoin Daily Analysis. Source: TradingView When the indicator crosses above the zero line, bulls are stronger. However, since it is below it, it means bears are dominating, and the selling pressure, if intensified, could drag NOT’s price further down. Furthermore, an assessment of the liquidation heatmap shows that NOT, one of the top Telegram coins, might continue to decrease. The heatmap shows price levels where large-scale liquidations might occur. Notcoin Liquidation Heatmap. Source: Coinglass On the same indicator, the higher the liquidity concentration at a point, the higher the chances of a price moving toward that area. As of this writing, Notcoin has a high concentration of liquidity at $0.0090. Therefore, if the decline continues, the price of the Telegram coin might drop to this region…

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Filed under: News - @ August 25, 2024 11:18 pm