Toncoin Falls Below $2 as Broader Market Conditions Weigh on Price

Toncoin (TON) fell 5.5% to $1.97, breaching the significant $2 mark due to a broader downturn in the crypto market, which saw the CoinDesk 20 (CD20) index decline by 2.57%. The selloff was marked by heavy trading volume and over $1.4 billion in liquidations of long positions. After pushing through multiple support zones, TON found some stability near $1.92 before attempting a modest recovery back toward $1.99. This recovery was accompanied by elevated trading volumes, suggesting that interest in the token is still present, despite the subsequent drop back to $1.97. Traders are now closely monitoring the $2 threshold, as a sustained price movement above it could indicate a shift in market momentum, although current pressure remains significant, especially from major holders. Bitcoin has also seen declines, dropping below $102,800, adding to the negative sentiment in the market.

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