Toncoin (TON) plunged over 11% in 24 hours to trade at $1.77, caught in a broad market selloff triggered by a correction in Bitcoin that wiped out $85 billion from the total cryptocurrency market capitalization.
"The 4-hour BTC structure has just turned bearish after the session closed below the $74,937 swing low," said a report from AMBCrypto. "The higher timeframe trend for BTC was already bearish. The losses in the past two weeks mean that the crypto market is primed for its next bearish leg."
The sharp decline in the broader market led to $942 million in total liquidations of leveraged positions over the past 24 hours, with the overwhelming majority being longs, according to data from Coinglass. For Toncoin, open interest surged by 19.44% during the selloff, suggesting new short positions are being established. The funding rate sits at a negative 0.0074%, indicating bearish sentiment in the derivatives market.
The immediate technical outlook for TON appears bearish. The token is trading below its 20-day moving average of $2.085, a key short-term indicator. Immediate support is found at the $1.66 level, which has been tested twice in the past month. A break below this could see the price fall towards the 200-day moving average at $1.55, a level that aligns with the lower Bollinger Band support zone. On the upside, any relief rally faces a wall of resistance, starting at the 12-day EMA at $1.97 and the psychological $2.00 mark.
This article is for informational purposes only and does not constitute investment advice.
