Toncoin has been going against the hoepful trend in the altcoin market. While many tokens are trying to recover or move sideways, the Toncoin price keeps heading lower.
This bearish move could be worrisome for many traders, especially those using leverage. Each time the price fails to bounce, the chance of forced liquidations goes up.
When we look at the Toncoin price chart, we see that it broke down from a triangle pattern in mid-June. This triangle had formed since February and had acted as a strong support for months. But when the price fell below the triangle’s support line, it confirmed that the downtrend was likely to continue. Since then, the TON price has been moving lower and has not been able to get back above old support levels.
The latest chart shows Toncoin price hovering around $2.80. It also shows that there is a very important support level at $2.36. This level comes from previous lows earlier in the year. If Toncoin keeps falling, bulls will hope this support can stop the drop. A bounce from $2.36 could give the price a chance to recover. But if $2.36 breaks, the bearish trend could get even worse.
Some Analysts Expect an Even Bigger Drop for Toncoin Price
While some traders are still hoping for a rebound at $2.36, others see more pain ahead. One of them is Ali, a market analyst who posted on X that $1.90 could act like a magnet for Toncoin. This means he believes the TON price could fall much lower, with $1.90 as the next big target.
Ali’s chart shows why he thinks this could happen. His analysis includes the same triangle breakdown but also uses Fibonacci levels to project a possible drop below $2.36. According to his chart, if Toncoin keeps losing value, the next important support could be near $1.90. This level matches the expected move size after the breakdown of the triangle pattern.
Read Also: Is There Hope for $ATOM? Inside the Crisis Hitting Cosmos Hard
In his post, Ali wrote “$1.90 is a magnet for Toncoin $TON,” showing how strongly he thinks Toncoin price could head down to that level. For traders, this is a clear warning to watch support zones carefully. If Toncoin breaks below them, the price could crash even harder.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
