TORN פּרייַז זינקען 45% נאָך יו. עס. טרעאַסורי סאַנגשאַנז טאָרנאַדאָ קאַש

Tornado Cash (טאָרן) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.

די אָפּטיילונג accused Tornado Cashצו קריפּטאָ מיקסער platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.

באַלדיק 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 tied to Tornado Cash’s blacklisted smart contracts.

TORN price drops 45%

The news prompted traders to limit their exposure to TORN, Tornado Cash’s native token.

On the daily chart, TORN’s price has slipped by approximately 45% since the Justice Department’s notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.

*TORN/USD daily price chart. Source: TradingView*

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.

פֿאַרבונדענע: אַנאָנימע באַנוצערס שיקן ETH פֿון טאָרנאַדאָ קאַש צו באַוווסט פיגיערז נאָך סאַנגשאַנז

TORN has been testing its $15–$18 range for a potential rebound due to its historical relevance as support. Notably, in January and June earlier this year, this level served as a springboard for TORN price to jump 275% and 100%, respectively.

*TORN/USD three-day price chart. Source: TradingView*

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.

די מיינונגען און מיינונגען וואָס זענען אויסגעדריקט דאָ זענען בלויז די מחבר און טאָן ניט דאַווקע פאַרטראַכטן די קוקן פון Cointelegraph.com. יעדער ינוועסמאַנט און טריידינג מאַך ינוואַלווז ריזיקירן, איר זאָל דורכפירן דיין אייגענע פאָרשונג ווען איר מאַכן אַ באַשלוס.