In the ever-turbulent world of cryptocurrencies, Toncoin (TON) seems to be straddling the line between sheer resilience and ominous uncertainty. Recently, it has carved out a descending channel—an ominous yet fascinating technical pattern that suggests we might be headed for either a bullish ascent to $6 or a bearish plunge closer to $1.50–$1.80. As of late, a staggering 140,000 TON was pushed onto exchanges, raising eyebrows and hinting at potential sell-offs. So, is Toncoin poised to soar high or fall flat? Join me as we delve into the latest analysis and market behaviors surrounding this compelling digital asset. LEARN MORE
Key Notes
- Toncoin (TON) has formed a descending channel with a bullish target of $6.
- If TON loses $2.50, the downside target range is around $1.50–$1.80.
- A whopping 140,000 TON have been moved to exchanges, suggesting selloffs.
Toncoin
TON
$2.71
24h volatility:
0.0%
Market cap:
$6.69 B
Vol. 24h:
$155.56 M
, one of the leading digital assets and top-performing tokens in the first half of 2024, has formed a descending channel, also called a bearish channel with a potential target of $6 in the bullish case and $2 in the bearish case.
A bearish channel is a technical pattern formed when an asset’s price is consistently making lower highs and lower lows, indicating a downtrend.
As seen in the image below, this pattern is characterized by two parallel downward-sloping trendlines: the upper trendline acting as resistance and the lower trendline as support. A breakout can occur in either direction.
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