TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?
Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.
The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.
Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC
Interestingly, TORN’s selloff accompanied a spike in daily trading volumes, suggesting momentume.
TORN technicals suggest recovery
The downside move has pushed TORN price near a critical technical support.
Related: Therefore, a potential rebound move from the range could have TORN test $32.50 as its next upside target, which coincides with the 0.236 Fib line as shown above. In other words, a 75% recovery by September 2022 On the other hand, a breakdown below the support range sends TORN’s price to new record lows. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.About Post Author
