Toncoin's price has fallen by 10% in the last 24 hours, currently trading at $4.67, marking its lowest since May. This decline has market participants speculating on whether Toncoin will experience a rapid recovery or face further losses.
Key levels indicate that the price could drop to $4.54, leading to over $400,000 worth of contract liquidations. High liquidity areas around $4.73 and technical indicators suggest increased selling pressure, possibly accelerating the downtrend.
The token has been in a correctional phase since August 19, with more distribution periods compared to accumulation. A bearish rounding top pattern signals potential further declines, as the price failed to stay above its $5.99 neckline. Bulls are currently unable to stabilize the price, risking further declines to $4.55 unless buying pressure increases, which might push it back to $5.40.
