Toncoin teeters near critical support at $5.17. A breakdown could lead to a 7.16% drop, with a target of $4.66. Stay alert.
Traders eye Toncoin's next move, as a descending triangle pattern, suggesting a potential price drop below $5.17.
While Toncoin struggles, $OTON surged by 275.68%, with other TON tokens like $ARBZ and $THNG also seeing impressive gains.
On the 4-hour chart, Toncoin is getting near to a potential breakdown from a descending triangle formation. As the price gets closer to the crucial $5.17 support level, it is exhibiting symptoms of weakness. The price is trading between $5.30 and $5.17.
A decline towards $4.66 could occur if it closes below this level. There is a chance that this important support area will decrease by 7.16%. The descending triangle pattern signals a bearish movement, making this a crucial moment for TON.
https://twitter.com/TheMoonCarl/status/1843562333454344672 Potential Breakdown and Price Target
The descending triangle pattern visible on the chart indicates that a downward trend may be in play. With the price consolidating in a tight range, there is a growing risk of a breakdown below the $5.17 support level.Â
If this occurs, the next support zone is around $4.79, which may act as a buffer before the price hits the projected target of $4.66. The compressed price action and steady volume suggest that traders are anticipating a move, with much attention focused on the $5.17 level.
Besides, the price compression within the triangle indicates that a breakout or breakdown is imminent. Hence, traders are advised to stay cautious, as a break below $5.17 could quickly lead to further losses.
Best-Performing TON Tokens See Major Gains
While Toncoin faces bearish pressures, some tokens on the TON blockchain have been performing exceptionally well. According to recent data, $OTON saw the largest increase on the STON.fi platform, rising by 275.68%. Other top performers include $ARBZ with a 73.1% gain, $THNG up 23.93%, and $TROOP with a 21.25% rise. Additionally, tokens like $PLANE and $RECA posted gains of 6.71% and 6.44%, respectively.
https://twitter.com/DegenonTON/status/1843933174893818177
Moreover, DeDust also reported price increases. $ARBZ led with a 73.1% rise, followed by $FWT and $TONY, which surged by 23.4% and 18.21%, respectively. These substantial gains highlight growing market interest in TON blockchain tokens, even as TON itself struggles at critical price levels.
The post TON Faces Critical Support Test Amid Descending Triangle Pattern appeared first on Crypto News Land.
