Toncoin Drops 6% to $2.81 as Bearish Pattern Emerges

Toncoin ($TON) has recently broken below a symmetrical triangle pattern, indicating a potential downside movement. This technical breakdown has raised concerns among investors and analysts, who are now closely monitoring the digital asset's price action. The cryptocurrency, which was previously trading above $3, has since declined to around $2.81, sparking fears of a deeper correction.

Prominent analyst Ali has identified $1.90 as a likely price target for Toncoin using Fibonacci analysis. According to Ali, the symmetrical triangle pattern that Toncoin had been consolidating within for months has now been broken to the downside, suggesting a continuation of the downtrend. This bearish technical setup is further supported by key Fibonacci retracement levels drawn from the February high near $4.84, with the next significant extension target lying near the $1.90 level.

Despite short-term rebounds, Toncoin has shown increased volatility and weakened bullish strength. The cryptocurrency has a market cap of 6.95 billion and a circulating supply of 2.46 billion TON, placing it within the top 20 ranking of crypto assets. As market sentiment remains cautious, traders are watching closely for the next move in Toncoin's price action, with the $1.90 level serving as a potential magnet for price action in the near future.