TON Coin Falls 11% in 24 Hours Amid Market Correction

After rallying to $2.9 earlier this month, TON has been experiencing a sharp decline down the price charts. As reported by AMBCrypto, the cryptocurrency had previously broken previous swing highs and reached $2.9 in May, establishing a bullish 1-day structure. However, the current 4-hour structure has turned bearish, with the drop to $1.72 on Friday, May 22nd being used to plot Fibonacci retracement levels. The analysis suggests that further downside without a bounce is still possible, while a bounce toward $1.9-$2.0 would allow sellers to enter the market.

The broader market correction is attributed to Bitcoin's structural shift, which has changed expectations for altcoins like TON in the short term. According to AMBCrypto's analysis, the 4-hour BTC structure has turned bearish after closing below the $74,937 swing low, with the higher timeframe trend for Bitcoin already being bearish. The losses over the past two weeks have positioned the crypto market for its next bearish leg, creating headwinds for altcoin performance.

The long-term support expected at $1.5 might unravel quickly if Bitcoin continues its descent, as reported by AMBCrypto. The analysis suggests that TON traders will have to shift toward a short-term bearish bias and look to sell the bounce rather than waiting for a complete breakdown. The current situation requires traders to maintain a cautious approach, as the risk-to-reward ratio for swing trades has diminished given the broader market conditions and Bitcoin's structural weakness.