- Toncoin teeters near critical support at $5.17. A breakdown could lead to a 7.16% drop, with a target of $4.66. Stay alert.
- Traders eye Toncoin’s next move, as a descending triangle pattern, suggesting a potential price drop below $5.17.
- While Toncoin struggles, $OTON surged by 275.68%, with other TON tokens like $ARBZ and $THNG also seeing impressive gains.
On the 4-hour chart, Toncoin is getting near to a potential breakdown from a descending triangle formation. As the price gets closer to the crucial $5.17 support level, it is exhibiting symptoms of weakness. The price is trading between $5.30 and $5.17.
A decline towards $4.66 could occur if it closes below this level. There is a chance that this important support area will decrease by 7.16%. The descending triangle pattern signals a bearish movement, making this a crucial moment for TON.
Potential Breakdown and Price Target
The descending triangle pattern visible on the chart indicates that a downward trend may be in play. With the price consolidating in a tight range, there is a growing risk of a breakdown below the $5.17 support level.
If this occurs, the next support zone is around $4.79, which may act as a buffer before the price hits the projected target of $4.66. The compressed price action and steady volume suggest that traders are anticipating a move, with much attention focused on the $5.17 level.
Besides, the price compression within the triangle indicates that a breakout or breakdown is imminent. Hence, traders are advised to stay cautious, as a break below $5.17 could quickly lead to further losses.
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Best-Performing TON Tokens See Major Gains
While Toncoin faces bearish pressures, some tokens on the TON blockchain have been performing exceptionally well. According to recent data, $OTON saw the largest increase on the STON.fi platform, rising by 275.68%. Other top performers include $ARBZ with a 73.1% gain, $THNG up 23.93%, and $TROOP with a 21.25% rise. Additionally, tokens like $PLANE and $RECA posted gains of 6.71% and 6.44%, respectively.
Moreover, DeDust also reported price increases. $ARBZ led with a 73.1% rise, followed by $FWT and $TONY, which surged by 23.4% and 18.21%, respectively. These substantial gains highlight growing market interest in TON blockchain tokens, even as TON itself struggles at critical price levels.
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