TORN price maintained its bullish rating on Thursday even after news broke out that the developer of Tornado Cash blockchain who was arrested in August would remain in custody until April. The token of the crypto mixer network is up 60% over the past seven days, rising as much as 114% during the week to reach $14.88, levels last seen in August when the news of the arrest broke out.
Tornado Cash Developer Alexey Pertsev To Remain In Custody
A court in the Netherlands has ruled that Tornado Cash developer Alexey Pertsev will remain in jail until his next hearing scheduled for 2 1 April.
Tornado Cash developer Alexey Pertsev to remain detained until April hearing https://t.co/vvYMnYTueA
— The Block (@TheBlock__) February 15, 2023
The developer will remain behind bars following his arrest by Dutch authorities in August after the United States authorities sanctioned the Tornado Cash service that allows users to hide transaction details.
According to U.S. regulators, Tornado Cash redistributes crypto from multiple users in a pool, making the flows more difficult to trace, hence “laundering funds for malicious cyber actors.”
At the time of Perserv’s arrest, the Dutch Fiscal Information and Investigation Service also alleged that the money flows on Tornado Cash “included funds stolen through hacks by a group believed to be associated with North Korea.”
The developer has remained in custody for more than six months with his appeals to be released on bond being continuously rejected. The last time his appeal was rejected was in November after he had been detained for three months.
This incident continues to fuel debate about whether regulators around the world have an understanding of what they are looking for exactly when they sanction software, spurring fears of flawed crypto regulation.
As a result, the crypto community has come out in support of Perserv with some saying that he is doing “amazing work [of] advancing privacy in the crypto space.”
Calling all #Web3 and #Blockchain believer ! Let’s show our support to the founder of @tornado_cash and the amazing work they were doing for advance privacy in the crypto space. They are protecting the true value of web3 – privacy and decentralization. #SupportTornadoCash pic.twitter.com/xplqfuTNZH
— Aaron Web3 ?? (@aAronForWeb3) February 13, 2023
Perhaps this positive chatter from Web3 and Blockchain believers in support of the Tornado Cash founder has fueled TORN’s price, despite the not-so-positive news of his continued incarceration.
TORN Price Analysis: Key Levels To Watch
The Tornado Cash price displayed a drab action at the beginning of the year even as the wider market embarked on a recovery. The token rose steadily with no decisive upward breakout until it broke the resistance from the $7.0 psychological level on February 7.
This level provided a launch pad that has since catapulted TORN 114%, almost brushing shoulders with $15 on Monday. Even though the crypto turned down on Tuesday, yesterday’s increasing positive social sentiment around the Tornado Cash ecosystem and its founder has seen the price trade in a second straight bullish session at the time of writing.
The bulls will now attempt to push the TORN price higher with the first barrier emerging from the 78.6% Fibonacci retracement level at $13.17. The altcoin must produce a decisive close above the local high at $14.88 to confirm the continuation of the recovery.
If this happens, TORN will rise to confront resistance from the 123.6% retracement level at $16.79 or higher to tag the 150% Fibonacci level above $18. This would represent a 74% increase from the current price.
TORN/USD Daily Chart
This positive outlook was supported by the upward-facing moving averages and the position of the Relative Strength Index (RSI) close to the overbought region. The price strength at 63 suggested that there was still more room for the upside.
In addition, the Directional Movement Index (DMI) also showed that there were more Tornado Cash buyers than sellers in the market. The positive directional line (+D1) at 44 was way above the negative directional line (-D1) at 3. The average directional line (ADX) at 63 indicated that TORN’s uptrend was very strong.
On the downside, the bears may pull the TORN price from the current levels taking it below the 50% Fibonacci retracement level at $10.89 toward the 23.6% level at $8.78. Below that, a move to the 200-day Simple Moving Average (SMA) at $7.5 or the $7.0 psychological level, would be the next logical move.
Promising Alternatives To Tornado Cash
Those seeking to buy TORN may have to wait until a clear close above the $14.88 local high is achieved. If this happens, buyers could have the upper hand in the price movement making it easy to scale the price higher. Meanwhile, the MEMAG token has become one of the most popular cryptos of the year, raising above $4.57 million at the moment with less than two days left.
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