Toncoin Slips Under $2, Targets $0.70 Amid Bearish Momentum
Toncoin price, which had been range-bound between $2.00 support and $2.40 resistance since mid-October, has turned bearish after breaching the $2.00 support. The altcoin fell to $1.93 as 21-day and 50-day simple moving averages (SMAs) slope downward and Doji candlesticks signal market indecision. On the four-hour chart, horizontal SMAs reflect a sideways trend.
If Toncoin remains below the key support-turned-resistance level of $2.00, selling pressure may intensify and push the price toward the previous low near $0.70. Conversely, a recovery above $2.00 and a break above the $2.40 resistance could reignite bullish momentum, targeting the 21-day SMA near $2.36 and the next resistance at $2.80. Traders should monitor Toncoin’s support levels at $1.90 and $2.00 and resistance at $2.40 to gauge market direction.
Bearish
Toncoin’s breach of the $2.00 support and decline to $1.93, combined with downward-sloping 21-day and 50-day SMAs and indecisive Doji candlesticks, points to increased selling pressure and further downside risk toward $0.70 in the short term. Although a sustained rebound above $2.00, and especially a break above $2.40 resistance, could restore bullish momentum, current technical indicators favor a bearish outlook. Traders reacting to these signals are likely to maintain defensive positions until clear support at $2.00 is reclaimed or resistance at $2.40 is decisively broken.