Toncoin Approaching Triangle Breakout
Toncoin maintains a downtrend on the daily chart and is under tremendous bearish pressure. However, despite the pressure, the critical support at $4.65 is holding TON price.

The demand zone at $4.65 coincides with a descending triangle. The growing bearish influence has led to a death cross event between the 50-day and 200-day EMA.

Moreover, the 100-day and 200-day EMA are approaching a bearish cross. This adds to the bearish signals, with the MACD and signal lines aligned in the negative territory, showing a gradual trend on the negative histograms.

Overall, the Toncoin daily chart presents an extremely bearish outlook. However, the underlying dynamics at the critical support level of $4.65 suggest the possibility of a bullish comeback.

The daily RSI line is showing a bearish divergence as Toncoin finds support near the demand zone. With an intraday gain of 0.41%, Toncoin is currently trading at $4.84, hinting at a potential bullish recovery.