Toncoin Plunges to $3.118 Amidst Market Volatility

Toncoin, the native cryptocurrency of the Telegram Open Network (TON), experienced a significant decline on February 28, 2025, dropping to $3.118 amidst market volatility. This price movement follows a broader market crash, which has affected the Toncoin network and other cryptocurrencies.

On February 27, 2025, Toncoin's trading day began with a brief fall, followed by a short-term rise at 00:35 UTC. However, the price soon moved into a downward channel, with a Golden Cross on the Moving Average Convergence Divergence (MACD) indicator signaling a possible uptrend at 05:30 UTC. Despite a brief upside movement, a Death Cross on the MACD at 07:45 UTC indicated a potential downturn. The price then declined sharply, with a pin bar and a full-body red candle signaling a significant price drop.

On February 28, 2025, Toncoin continued its uptrend for a short period before facing another sharp decline. The price broke the support at $3.333 and dropped to $3.198, with an RSI overbought situation and Death Cross on the MACD signaling the downturn. However, an RSI oversold situation at 02:40 UTC indicated a possible trend reversal. Toncoin found support at $3.201 and experienced a short-term rise, but the price resisted at $3.282 and fell again, breaking the support at $3.201 and dropping to $3.118. An RSI oversold situation at 04:10 UTC suggested another potential trend reversal, with Toncoin finding support at $3.118 and moving back up.

Based on the Toncoin price analysis, the cryptocurrency is currently projecting a downward trajectory. The price movement is attempting to break the resistance at $3.282. If Toncoin holds above this key resistance, it could gain bullish momentum. However, if it fails to do so, the price could either fluctuate within the key level or break the key support at $3.118. Market participants should closely monitor the key resistance and support levels to anticipate the next move in Toncoin's price action.