Toncoin (TON) has seen considerable price fluctuations in recent weeks, failing to establish $5.96 as a support level. Currently, this Telegram-linked cryptocurrency is trading below critical support thresholds, raising investor concerns about its potential to bounce back and surpass the $6 mark by the end of October.
The Ichimoku Cloud indicator is presenting a strong bearish outlook for Toncoin. The cloud's position above the candlesticks serves as a negative signal for its price trajectory, indicating that bearish momentum may persist.
Toncoin's macro momentum shows signs of weakness, particularly among large wallet holders. Specifically, Toncoin whales, who control at least 0.1% of the circulating supply, have offloaded approximately 21.8 million TON in the last 24 hours. This $115 million selling spree marks the largest outflow in nearly six weeks, suggesting growing unease among major investors.
Currently trading at $5.29, Toncoin is below the essential support level of $5.37, following an 11.5% decline over the past week. If selling pressure continues, a drop to $4.86 could occur, extending recent losses. Historically, the range between $5.37 and $4.86 has been a consolidation zone, potentially leading to stagnation.
To reverse this bearish trend, Toncoin must reclaim $5.37 as support. Achieving this could help the cryptocurrency attempt to reach $5.96, inching closer to the $6.00 target.
