Wednesday began with a bullish trend in the cryptocurrency market; however, bears quickly took the initiative. Let's explore current trends for Toncoin and potential consequences for traders.
Current Market Situation
The price of Toncoin (TON) has fallen by 2.01% over the last 24 hours. At the time of writing, TON is trading at $3.549.
Technical Analysis
On the hourly chart, the rate of TON is breaking the local support of $3.585. If the daily bar closes below that mark, one can expect a test of the $3.50 zone soon. On the bigger time frame, the picture is also bearish. Traders should focus on the support level of $3.523. If the candle closes below that mark, the accumulated energy might be enough for a test of the $3.20-$3.30 zone.
Midterm Forecast
From the midterm point of view, the price of TON is falling after a false breakout of the resistance of $3.903. If the situation does not change, traders may witness a test of the $3 zone soon.
The current market dynamics of Toncoin indicate potential risks for position holding. Traders should monitor key support levels to predict further movements.
