Toncoin price is back under pressure, trading at around $2.83 after a 2.65% drop on the day. The move follows a short-lived bounce that couldn’t break through resistance near $2.90. 

A prominent analyst on X(Formerly Twitter), CryptoChiefs, pointed out interest in the bottom of the big green engulfing candle from June 22, an area that now lines up with a key support zone between $2.68 and $2.73.

TON Price Action Is Showing Signs of Weakness

After dropping sharply in mid-June, TON managed a decent recovery. That bounce came off the bottom of an engulfing candle, which is now acting as a key support level. 

Since then, the price has mostly moved sideways, stuck in a range between $2.73 and $2.90. Buyers tried to push TON price above $2.90 several times but got rejected. 

With the latest red daily candle, it’s clear sellers are still in control. Unless TON can close above the $2.91–$2.93 range, the overall structure still looks bearish.

Trend Analysis and Toncoin Structure

Looking at the broader trend, TON price is still making lower highs and lower lows, a textbook downtrend. That means any short-term bounce is likely to be just that: short-lived.

The move up after June 22 looked promising at first, but it didn’t hold. As long as the price stays below the last rejection zone around $2.91, it’s hard to say the trend has changed.

Support Zone and TON Price Technical Reaction

The shaded area on the TON chart between $2.68 and $2.73 has become the main zone to watch. It was the base of the bullish engulfing candle and might act as support again.

Source: X/CryptoChiefs

If TON drops into that zone, traders will be watching closely to see if buyers step back in. A strong reaction could lead to another short-term bounce. But if it breaks down, the next likely support could be around $2.55 or even $2.42.

Social Sentiment Points to a Key Level

CryptoChiefs highlighted the bottom of that engulfing candle for a reason. It’s a level many traders are tracking. If TON price can hold above it, it might attract some bullish setups.

But with the broader trend still leaning down, the price action in this support zone could decide what’s next. It’s a spot worth keeping on the radar over the next few days.

Read Also: Here’s Toncoin (TON) Price If Telegram’s Gold Stablecoin Dominates Global RWA Payments by 2030

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The post Toncoin (TON) Price Drops Below $2.85 as Traders Watch Engulfing Candle Support appeared first on CaptainAltcoin.