Tornado Cash Price Drops 17%, as Legal Cloud Hangs Over Roman Storm?

The post Tornado Cash Price Drops 17%, as Legal Cloud Hangs Over Roman Storm? appeared first on Coinpedia Fintech News

The Tornado Cash community is reeling after Roman Storm, one of the key developers, was found guilty of operating an unlicensed money transmitting business. Although the jury couldn’t agree on the more serious charges of money laundering and violating U.S. sanctions. However, the partial conviction has already cast a long shadow over the protocol’s future.

In a move that surprised some, the judge allowed Storm to remain free ahead of his sentencing, suggesting that the court doesn’t view him as an immediate threat. However, the uncertainty around his potential sentence and the case’s broader implications for decentralized privacy projects have rattled investors. And that unease is clearly reflected in TORN’s recent price action.

TORN Price Analysis:

Tornado Cash is currently changing hands at $10.38, with a sharp 16.99% drop in the last 24 hours and a 23.03% decline over the past week. The market cap has shrunk accordingly to $4.62 million, while the intraday trading volume spiked by 399.12% to $428.81k. 

The chart I’ve shared shows TORN dipping as low as $9.92 during the last 24 hours, before rebounding modestly toward its current level. The daily candle wick pierced below the lower Bollinger Band, typically a sign of oversold conditions. However, resistance remains stiff at the $13.079 level, and the support at $8.663 looms as a potential retest zone if bearish momentum persists.

Talking about indicators, the RSI has plummeted to 45.75, down from overbought territory near 62.69. If TORN price fails to reclaim the $11.62 mid-Bollinger level, it may struggle to reverse the trend in the short term. For now, traders should brace for continued volatility as the market digests the legal developments.

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