Toncoin Takes A Hit With 12% Correction After Failing To Break $4.34, More Pain?
Toncoin's price has dropped 12% after failing to surpass the $4.34 resistance level, leading to increased selling pressure and profit-taking among traders. The loss of upward momentum has raised concerns about the cryptocurrency's future performance. Key support levels are now being monitored to determine if bulls can regain control. A decisive hold above these levels could facilitate another breakout attempt, while continued weakness may expose Toncoin to further declines. The recent correction reflects a shift in market sentiment, influenced by profit-taking and a bearish crossover in the Moving Average Convergence Divergence (MACD) indicator. The price is currently testing the $2.36 support level, which is critical for stabilization. If this support holds, a rebound may occur; if it fails, further downside could ensue, necessitating a shift in market sentiment for recovery.
