GRAM fell to $1.29 on August 4 after Telegram briefly disappeared from the App Store worldwide for several hours, while existing users continued using Telegram. Apple confirmed the temporary removal for a safety guideline violation involving prohibited abusive content.
The decision quickly caused fear across the crypto market and triggered heavy GRAM selling. Telegram plays an important role in crypto communities, projects, and trading groups worldwide. Traders feared that weaker app access could reduce Telegram activity and hurt GRAM’s broader adoption, pushing GRAM to its lowest level since late April.
Trading activity also showed a strong rise in market pressure during the sell-off. CoinGlass data showed GRAM derivatives volume jumping 490% to $123.27 million. Open interest also rose 1.2% to $93.28 million during the sharp market move. Selling activity stayed stronger than buying activity across perpetual contracts.
The Long/Short Ratio also fell below one, showing a more bearish mood among traders. GRAM’s Relative Strength Index dropped to 38, signaling stronger selling pressure in the market. The token also moved below its nine-day moving average near $1.40.
Telegram later returned to the App Store after nearly four hours. Telegram also responded through its official X account, saying, “Reports of my demise are greatly exaggerated .
Apple said the app was restored after Telegram removed the reported content and banned the associated user. This reduced fears, and GRAM recovered to $1.38 after its sharp fall.
The next move could depend on how quickly market confidence returns. A bullish run above $1.42 could help the cryptocurrency break resistance at $1.46 and minimize losses.
Also Read: Will India’s New WhatsApp, Telegram Rule Change Forever?