TORN Surges 13% as Tornado Cash Developer Gains Temporary Freedom

]

Coinspeaker
TORN Surges 13% as Tornado Cash Developer Gains Temporary Freedom

TORN
$13.53

24h volatility:
4.0%

Market cap:
$52.54 M

Vol. 24h:
$2.09 M

, the digital currency of the crypto mixing protocol Tornado Cash, shot up a whopping 13% in the past day, claiming a daily high of $14.28 from a low price of $10.78. At the time of writing, the Tornado Cash token is trading at $12.07 and is already up 32% in the last 30 days. This price movement appears linked to the recent release of the platform’s developer, Alexey Pertsev.

In May 2024, Pertsev was sentenced to 64 months in prison after he was convicted of money laundering. Tornado Cash, has been allegedly used for money laundering purposes. However, the crypto entrepreneur finally gained freedom on a temporary basis today as he prepares to file for his appeal in the money laundering lawsuit.

Pertsev also filed a motion with the United States Supreme Court (SCOTUS) for a writ of certiorari. This basically would allow the crypto entrepreneur to not disclose his defense strategy with the government.

TORN’s Price Surge

According to a post on X (formerly Twitter), a Dutch court suspended Pertsev’s pretrial detention under the condition of electronic monitoring. Following this statement from the Tornado Cash developer, the TORN token shot up. In the past year, the price of the TORN token has soared 613.38%, seeing more than a 200% increase in January 2025.

Dear Friends, on Friday 7 February at 10 am I will be free! It is not real freedom, but it is better than prison. Today, a Dutch court suspended my pretrial detention under the condition of electronic monitoring. This will give me a chance to work on my appeal and fight for…

— Alexey Pertsev (@alex_pertsev) February 6, 2025

After a US court overturned the sanctions imposed by American agencies on the Tornado Cash crypto mixer in January, the narrative surrounding TORN has turned bullish. However, as is clear from the daily chart provided by TradingView below, investors are currently selling their tokens to pocket the gains from the past year. However, the situation could soon turn as such levels are often followed by gradual increases in accumulation.

Photo: TradingView: TORN Price Analysis

The TORN daily chart below shows that the Relative Strength Index (RSI) reads a value of 50.67, which means that the bulls and the bears are evenly matched. The gradient of the line, however, suggests a sharp correction as bears try to push the TORN price action lower.

Photo: TradingView: As is clear from the chart above, the TORN price action reclaimed the 20-day exponential moving average with massive volumes. However, the bulls failed to hold prices above 15, and the token now tests the 20-day EMA as support. If this level holds, another retest of $15 can be expected, or else a pullback towards $8 could be likely.