Toncoin Slips 12% After $4.34 Rejection — Will $2.36 Support Hold?

Toncoin dropped 12% after failing to break $4.34 resistance. Traders now watch $2.36 support to gauge next move.

Toncoin (TON) has hit a speed bump in its recent rally, falling by 12% after failing to breach the $4.34 resistance level, a zone strongly defended by sellers. The correction has triggered a wave of profit-taking and bearish sentiment, casting doubt over the short-term bullish outlook and leaving traders looking to key support zones to determine the next phase.

This recent pullback, though sharp, is part of a broader pattern in the crypto market where failed breakouts at major resistance levels often trigger corrections. For Toncoin, the $4.34 level acted as a psychological and technical barrier, and the inability to surpass it triggered a significant sell-off. Traders began locking in profits, while others exited positions anticipating further downside.

Market Sentiment & Indicators

The 12% drop was amplified by technical indicators such as the Moving Average Convergence Divergence (MACD), which recently flipped bearish with a crossover signaling waning buying pressure. This development, coupled with a cooling crypto market, put additional strain on Toncoin’s price action.

These conditions indicate that the bullish momentum that pushed Toncoin upward is weakening. The MACD’s bearish crossover often precedes short-term downtrends, suggesting a shift in market psychology.

Support at $2.36: Crucial to Watch

Toncoin now hovers near the $2.36 support level, a zone considered vital for bulls aiming to maintain market control. Should this level hold, it may act as a springboard for consolidation or recovery, potentially allowing TON to regroup and make another run at resistance levels such as $3.80 and $4.34.

However, a decisive break below $2.36 could spell further losses, putting lower support zones in play. This would also likely drag sentiment down, reinforcing the bearish trend and making recovery more difficult.

Scenarios Ahead

If the support holds:

• Toncoin could bounce and reattempt a climb toward $4.00–$4.34.
• Stability above $2.36 may attract renewed buyer interest.

If support fails:

• The next leg down could test historical support closer to $1.90.
• Confidence in the recent rally may erode, prompting further risk-off behavior among traders.

Conclusion

While Toncoin’s correction is notable, it reflects a broader recalibration in market dynamics rather than a collapse in fundamentals. As Toncoin tests $2.36, all eyes are on whether this level can anchor price action or if sellers will drive it lower. The coming days may be crucial in determining the strength of bulls and the depth of this pullback.

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