Toncoin (TON) is experiencing a downward trend today, primarily due to broader market pressures affecting cryptocurrencies. The recent spike in U.S. Treasury yields has put pressure on risk assets, including cryptocurrencies, leading to a decline in the market. This has resulted in a sell-off across major cryptocurrencies, with Bitcoin and other altcoins like Ethereum and Solana also experiencing significant drops. The strong U.S. economic data has further dampened investor sentiment, causing a ripple effect across the crypto market.
Toncoin's price movement today is also influenced by its technical positioning. The cryptocurrency is currently trading in a narrow range between $5.40 and $5.80, with significant selling pressure at the $5.80 resistance level. The presence of long candlestick wicks towards this high indicates that sellers are actively pushing back against any upward momentum. As a result, Toncoin remains trapped between its moving average lines, unable to break out of its current range.
Toncoin has seen a 5.50% decrease in its price today, with the current price standing at $5.396812. The cryptocurrency reached a high of $5.762654 earlier in the day but has since fallen to its lowest point at $5.396812.