Key Points:

• The price of Toncoin dropped below the $2.92 support level, marking a significant fall of 3.1% in the last 24 hours.
• Buying interest has emerged near the $2.87 mark, indicating a possible area of stabilization despite ongoing bearish trends.
• Resistance is noted at approximately $2.99, where several unsuccessful attempts to breach this level suggest underlying bearish momentum persists.

Toncoin (TON) is undergoing heightened volatility alongside the wider market fluctuations, with notable selling pressure causing a fall past the $2.92 support during peak trading hours, as per technical assessments by CoinDesk Research.

Despite the sharp decline, there appears to be some stability forming with buyers showing up near $2.87. Recent trading patterns reveal a clearly defined resistance zone around the $2.99 mark, with repeated failures to break through hinting at short-term bearish trends.

Technical Analysis

• Significant selling pressure noted with high trading volume (7.07M) exceeding the $2.92 support level.
• Resistance identified near $2.99, with multiple failures to breach this point.
• Current price trends suggest stabilization may occur near $2.87, with moderate buying interest post-decline.
• Overall trends indicate bearish momentum and increased volatility, advising traders to keep a close watch on the $2.85 support level.
• A distinct V-shaped reversal pattern appears with a significant base at $2.85.
• The $2.880-$2.900 range remains a crucial resistance level to monitor for potential upward momentum.

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Disclaimer: Portions of this article were created using AI assistance and reviewed to meet accuracy standards.