Notcoin's price dropped 10% on Monday following reports that Telegram founder and CEO Pavel Durov faces 12 serious criminal charges. The charges, announced by French judicial authorities on August 27, 2024, include complicity in managing an online platform for illegal transactions, refusal to cooperate with authorities, possession and distribution of child pornography, drug trafficking and possession, facilitating unauthorized access to data systems, organized fraud, and criminal association for serious crimes. Additionally, Durov faces charges for money laundering linked to organized crime, providing unauthorized cryptology services and tools, and importing cryptology tools without proper declarations. This news has intensified selling pressure on Telegram-related cryptocurrencies, including Toncoin (TON) and Notcoin (NOT), suggesting a potential for further declines.

Notcoin's price has tumbled to $0.0086, marking a 25% loss within 72 hours and dropping the market cap to $887.2 million. Over the past three months, Notcoin has followed a correction trend under a falling wedge pattern, characterized by converging trendlines that act as resistance and support levels. If legal issues for Durov persist, Notcoin could fall another 5%, breaching the lower trendline and potentially dropping by 42% to reach $0.046. However, the falling wedge pattern could also signal a trend reversal if the support trendline holds, allowing Notcoin to rebound and potentially break through the overhead trendline, setting a bullish target of $0.018.