Toncoin Alert: TON Teeters on the Brink as Bearish Pressure Threatens 50-Day EMA Support

Toncoin (TON) is dancing on a knife's edge—technical indicators flash red as sellers pile pressure on critical support.

Will the 50-day EMA hold? Or are we staring down a full-blown breakdown?

Here's what every trader needs to watch as the bears take control...

Meanwhile, traditional finance bros are still trying to short Bitcoin with their 1995-era charting tools.

Open Interest drops 10% as investors lose interest 

Toncoin investors are on edge as it ranks among the cryptocurrencies with the worst performance over the last 24 hours. Investors are pulling capital out of the Toncoin derivatives market, ignoring the $558 million TON treasury commitment by the recently NASDAQ-listed company Verb Technology. 

CoinGlass data shows Toncoin futures and options with an Open Interest (OI) drop of 10% to $379.65 million from $421.08 million on Tuesday. 

Toncoin Open Interest. Source: Coinglass

Toncoin risks further losses as the MACD sirens sell signal

Toncoin prints two consecutive bearish candles for a 10% drop from the 200-day EMA to the 50-day EMA. At the time of writing, TON holds above this dynamic support after visiting a daily low of $3.140 so far on Wednesday. 

Toncoin could face further selling pressure as the Moving Average Convergence Divergence (MACD) crossed below its signal line on Tuesday, flashing a sell signal. Adding credence to the declining scenario, the Relative Strength Index (RSI) has fallen to 46, below the halfway line, indicating a decrease in buying pressure. 

A decisive close below the 50-day EMA at $3.182 could extend the decline to $2.968, which was last tested on July 15. 

TON/USDT daily price chart.

Looking up, if Toncoin bounces off the 50-day EMA, it could rally back to the 200-day EMA at $3.543.