Toncoin pulled back from a bullish recovery, targeting Fibonacci support.
Investors remain bullish despite TON’s recent decline.
TON traders recently withdrew $19 million worth of the crypto from CEXs.
Toncoin (TON), the native cryptocurrency of The Open Network, has retreated from its recent attempt at a bullish recovery. The nature of this pullback suggests TON may retest a key support level before potentially resuming its anticipated upward trajectory.
TradingView’s data shows TON has fallen 18% from its recent swing high of $6.13 over the past three weeks, dropping to $5.00. This pullback continues the bearish pressure that began after TON reached an all-time high of $8.28 in June, resulting in a 46% loss in value over four months.
Notably, TON’s current decline puts it on track to retest the 0.5 Fibonacci support level on the weekly chart. This marks the fourth time that the altcoin has approached this support level since the end of April.
Toncoin’s Repeated Encounters with the 0.5 Fibonacci Support
TON/USD Weekly Chart on TradingView
TON first tested this support zone on April 29th following a strong rally in Q1 that saw it reach $7.67. T…
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