Toncoin (TON) is experiencing a decline, trading at around $2.83 following a short-lived rise that failed to break through resistance at $2.90. Analysts are looking at key support zones.
Toncoin Price Dynamics
After a sharp drop in mid-June, TON managed a moderate recovery. This recovery came off the key support level formed by a bullish engulfing candle. Currently, the price has been oscillating between $2.73 and $2.90, with buyers trying to break through $2.90 but facing rejection.
Current Trend Analysis
In a broader context, TON price continues to show lower highs and lower lows, indicating a downtrend. The upward movement after June 22 appeared promising at first but failed to hold. For the trend to change, Toncoin needs to close above the $2.91-$2.93 range.
Support Zone and Technical Reaction
The area between $2.68 and $2.73 is becoming the key focus area. If the TON price drops into this range, traders will closely monitor the buyers' response. A strong reaction here could lead to a short-term bounce; otherwise, the next support could be around $2.55 or even $2.42.
The situation with Toncoin requires careful observation, especially given the current downtrend. Support at levels $2.68-$2.73 will be crucial in determining future price directions.
