Toncoin sheds 11% in 24 hours - Why TON traders should sell sooner, not later
Tech Toncoin sheds 11% in 24 hours – Why TON traders should sell sooner, not later Bitcoin Ethereum News Toncoin [TON] has fallen another 11.15% in the past 24 hours of trading. A Bitcoin [BTC] correction of 3.35% in the same period forced most altcoins lower and resulted in $85 billion being erased from the crypto market cap. In the derivatives market, $942 million worth of long and short positions faced liquidation in the past 24 hours. An overwhelming majority were longs. After rallying to $2.9 earlier this month, Toncoin was dropping quickly down the price charts. In a recent report, AMBCrypto reported why a retracement to $1.5 appeared likely. This situation was getting closer to reality, but the hopeful expectations previously held for TON might have to be revised. Reading the TON situation alongside BTCsSource: TON/USDT on TradingView After the drop to $1.12 in February, TON rallied hard in May to break previous swing highs and reach $2.9. This meant the 1-day structure was firmly bullish. It also meant that a retracement down to $1.5 would be part of a healthy pullback. So long as TON stays above $1.12, its bullish swing structure remains in place. This does not give swing traders an actionable plan in the coming days.