Toncoin, a cryptocurrency closely tied to the messaging app Telegram, is facing significant market pressure. According to a recent post by crypto analyst Ali, Toncoin must reclaim its $4.70 support level to avoid further losses. The coin is at a critical juncture, and if it fails to recover this price level, a sharp 45% correction could push it down to $2.60.
The 3-day chart for the TON/USDT trading pair highlights a “head and shoulders” pattern, which is often seen as a bearish signal in technical analysis. At press time, Toncoin’s price hovers around $4.59, which is below its key support. If the price continues to break down further, analysts foresee a significant drop. The Fibonacci retracement levels in the chart mark potential areas of resistance and support. The coin recently broke through the 0.786 Fibonacci level at $5.28, intensifying concerns.
On the broader scale, Toncoin has been struggling since Telegram’s founder, Pavel Durov, was arrested on cybercrime charges. This event caused a 27% price drop and added skepticism about the project’s future. The ongoing legal investigations around Telegram in multiple countries have also added pressure on Toncoin’s market performance.
Toncoin Declines, FET Surges: Analyst Unveil InsightsDespite the recent introduction of Simple Earn-Locked products for Toncoin on Binance, offering users up to 5.9% rewards for locking their tokens, the price has remained under pressure, as many traders remain cautious. September is historically a challenging month for cryptocurrencies, adding to the bearish outlook for Toncoin.
Toncoin’s price has been on a downward trend for the past week, with the token losing nearly 18% over seven days. The current price level is critical as it tests the $4.70 support, with further downside possible if it fails to recover. According to analysts, the next major support level lies around $3.99, with deeper corrections possibly leading to $2.60
