Toncoin
has experienced a significant drop over the last 24 hours, plummeting more than 7% from $3.319 to just below $3. The decline followed a reversal in sentiment regarding a rumored partnership with a notable AI company.
This trend began shortly after a vague indication of collaboration, which had previously driven prices up to a peak of $3.65. However, a quick disavowal led to a steep drop, resulting in a 17% decrease since that point.
Market reactions suggest that many are reconsidering what could have been a substantial integration with a vast user base, almost erasing previous gains.
Nevertheless, the messaging platform’s CEO reassured that the deal has been “agreed in principle,” pending final steps. Toncoin is the native token associated with the messaging platform.
The fundamentals for Toncoin remain strong. The platform continues to pursue in-app payments using Toncoin, providing a method for users to send cryptocurrencies seamlessly.
This long-term exposure potentially allows Toncoin to reach a broad mainstream audience.
Currently, price levels between $3.00 and $3.22 are critical to monitor. Movements outside of this range could indicate future trends, especially as data shows substantial token concentration around $3.24, held across numerous wallets.
The platform recently raised significant funds through convertible bonds, intending to invest in growth and buy back existing debts.
Technical Analysis Breakdown
- Toncoin saw considerable selling pressure, with trading volume spiking to over 10.6 million in a single hour, almost tripling typical figures.
- Buyers emerged around the $3.00 mark, allowing for a partial recovery back to $3.086, forming a V-shaped bounce.
- A short-term resistance was noted at $3.22, while positive momentum propelled the token above $3.08 during a sudden uptick.
- Open interest for Toncoin futures surged by 33% to $190 million, marking its highest level since February, indicating traders are preparing for further volatility.
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