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#GateSquareMayTradingShare #TON
Toncoin Sees Increased Volatility Again
After rapidly jumping above $2.50 at the beginning of May, Toncoin lost momentum and its price retreated to around $2.10. This development has shifted attention to the critical $2 support level. While TON initially rose with high volume, it subsequently experienced a weakening in buyer strength. Nevertheless, the price is managing to stay above the main moving averages, indicating that the overall recovery is not entirely over.
Technically, the rapid pullback from the recent peak reflects a tendency for investors to take profits. If the price holds above the $2 region, which is significant both psychologically and technically, a new attack towards the $2.30-$2.50 range may be possible. Otherwise, a drop to $1.75, where the 200-day moving average is located, could pose a problem. The next support levels at the moving averages are located in the $1.55-$1.60 range.
With the new wave of selling, the RSI quickly exited the overbought zone. Currently, TON remains above the main averages; however, if the $2 level is broken, the pullback correction pattern on the chart could turn into a sharper downward risk.
The focus in Toncoin is on whether it can stay above the $2 support level. A break below this level could accelerate the downward movement.
$TON