Toncoin Experiences 12% Price Drop After Failing to Break $4.34 Resistance
Toncoin's price has dropped 12% after failing to overcome the $4.34 resistance level. This downward movement has been driven by profit-taking and increased selling pressure.
Key Points of the Price Drop
- Failed breakout at $4.34 triggered a pullback.
- Profit-taking occurred as some traders locked in gains.
- Overall market sentiment weakened, contributing to the decline.
- The Moving Average Convergence Divergence (MACD) indicator shifted into a bearish crossover.
- Current support level is at $2.36; its stability is crucial for future movements.
Future Scenarios for Toncoin
- If the price holds above $2.36, it may signal a rebound toward $4.34.
- If it falls below this support, further downside could occur, leading to new lows.
- A shift in market sentiment would be necessary for Toncoin to regain upward momentum.
