Toncoin Is at Risk of 45% Fall if $4.70 Support Breaks

• Toncoin risks a 45% correction as it struggles to reclaim the $4.70 support level.
• Analyst warn of a potential drop to $2.60 if Toncoin fails to recover key support.
• Toncoin is down nearly 18% this week, with further declines possible if support breaks.

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.

Despite 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