- Toncoin breaks below key symmetrical triangle support, confirming a bearish trend and signaling further downside risk.
- Trading volume plunges 57%, while the price drops 4.58% monthly, a clear sign of weakening investor interest.
- TON must reclaim the $3.15–$3.30 resistance to reverse the bearish momentum and regain bullish sentiment.
Toncoin (TON), the native token of The Open Network, is facing growing bearish pressure after a sharp decline in price and trading activity. As of the latest market data from CoinMarketCap, TON has dropped to $2.97, marking a 4.58% decrease over the past month. The recent downturn has been accompanied by a staggering 57.28% fall in 24-hour trading volume, now sitting at just $128.9 million.
This sharp drop in market participation, alongside a 1.88% decrease in market capitalization to $7.28 billion, signals weakening investor confidence and a potential shift in the token’s short-term trend.
Technical indicators paint a concerning picture. According to well-known crypto analyst Ali Martinez, TON has broken below a critical symmetrical triangle pattern that had been forming since mid-February. This pattern, defined by converging trendlines between approximately $3.60 and $2.80, had been holding the price in a consolidation range for months. However, the recent breakdown below the $3.00 level confirms a bearish move that could drive prices even lower.
Martinez warns that this technical failure may open the door to a much deeper correction, potentially pushing TON down toward the $2.00 mark, a key psychological and technical support zone. This level could play a pivotal role in determining whether the token stabilizes or enters a prolonged downtrend.
Toncoin at Risk of Falling to 2.00 After Breakdown
The symmetrical triangle typically signals a period of low volatility and price compression, which often precedes a breakout or breakdown. In TON’s case, the move to the downside suggests increasing bearish momentum. The shrinking volume further supports this outlook, as it reflects a lack of buyer interest and reduced demand. Without a significant influx of trading activity or bullish catalysts, the likelihood of continued price erosion grows stronger.
In terms of market fundamentals, Toncoin currently has a circulating supply of 2.46 billion tokens out of a total of 5.13 billion, giving it a fully diluted valuation (FDV) of approximately $15.15 billion. However, these figures alone are not enough to support bullish sentiment in the absence of strong technical support.
Key levels to watch include immediate support at $2.80 and major support at $2.00. To regain bullish momentum, Toncoin must break back above the $3.15–$3.30 resistance range.
If Toncoin fails to hold the $2.80 support, it could accelerate toward the $2.00 level, a zone that will likely determine the token’s next major move. On the upside, reclaiming the $3.15–$3.30 range would be essential for any meaningful trend reversal. Until then, TON remains under bearish control, and traders are advised to approach with caution as the market navigates this critical juncture.
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