Toncoin has managed to recover part of its losses following Pavel Durov’s arrest, but it faces the risk of a bull trap.
Toncoin (TON) took a major hit, losing over 25% in value following Telegram founder Pavel Durov’s arrest on Aug. 25. That included a decline to a low of $4.45 on Sept. 6, followed by a swift 15% rebound to above $5.15 by Sept. 9.
Despite the recovery, a technical indicator suggests that Toncoin may be at risk of continuing its prevailing downtrend.
TON’s ongoing price recovery is part of its inverse cup-and-handle pattern, characterized by the formation of a rounding top followed by a period of consolidation.
