Toncoin

Toncoin, a cryptocurrency closely tied to the messaging app Telegram, is facing significant market pressure. According to a recent post by crypto analyst Ali, Toncoin must reclaim its $4.70 support level to avoid further losses. The coin is at a critical juncture, and if it fails to recover this price level, a sharp 45% correction could push it down to $2.60.The 3-day chart for the TON/USDT trading pair highlights a &#34;head and shoulders&#34; pattern, which is often seen as a bearish signal in technical analysis. At press time, Toncoin&#39;s price hovers around $4.59, which is below its key support. If the price continues to break down further, analysts foresee a significant drop. The Fibonacci retracement levels in the chart mark potential areas of resistance and support. The coin recently broke through the 0.786 Fibonacci level at $5.28, intensifying concerns.On the broader scale, Toncoin has been struggling since Telegram&#39;s founder, <a href="https://cryptotale.org/pavel-durovs-arrest-legal-trouble-and-toncoin-price-drop/" rel="noopener noreferrer nofollow">Pavel Durov</a>, was arrested on cybercrime charges. This event caused a 27% price drop and added skepticism about the project&#39;s future. The ongoing legal investigations around Telegram in multiple countries have also added pressure on Toncoin’s market performance.Related: <a href="https://cryptotale.org/toncoin-declines-fet-surges-analyst-unveil-insights/" rel="noopener noreferrer nofollow">https://cryptotale.org/toncoin-declines-fet-surges-analyst-unveil-insights/</a>Despite the recent introduction of Simple Earn-Locked products for Toncoin on Binance, offering users up to 5.9% rewards for locking their tokens, the price has remained under pressure, as many traders remain cautious.​ September is historically a challenging month for cryptocurrencies, adding to the bearish outlook for <a href="https://cryptotale.org/binance-lists-toncoin-price-surge-raises-hopes-for-new-high/" rel="noopener noreferrer nofollow">Toncoin</a>.<a href="https://cryptotale.org/toncoin-is-at-risk-of-45-fall-if-4-70-support-breaks/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Toncoin Is at Risk of 45% Fall if $4.70 Support Breaks

CryptoTale

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