ambcrypto.com 
Toncoin [$TON] has fallen another 11.15% in the past 24 hours of trading. A Bitcoin [$BTC] correction of 3.35% in the same period forced most altcoins lower and resulted in $85 billion being erased from the crypto market cap.
In the derivatives market, $942 million worth of long and short positions faced liquidation in the past 24 hours. An overwhelming majority were longs.
After rallying to $2.9 earlier this month, Toncoin was dropping quickly down the price charts. In a recent report, AMBCrypto reported why a retracement to $1.5 appeared likely.
This situation was getting closer to reality, but the hopeful expectations previously held for $TON might have to be revised.
Reading the $TON situation alongside $BTC’s
Source:
$TON/
$USDT on TradingView
After the drop to $1.12 in February, $TON rallied hard in May to break previous swing highs and reach $2.9. This meant the 1-day structure was firmly bullish. It also meant that a retracement down to $1.5 would be part of a healthy pullback.
So long as $TON stays above $1.12, its bullish swing structure remains in place.
This does not give swing traders an actionable plan in the coming days. Moreover, the risk-to-reward is not as lucrative given the $BTC’s structural flip.
Source:
$BTC/
$USDT on TradingView
The 4-hour $BTC structure has just turned bearish after the session closed below the $74,937 swing low. The higher timeframe trend for $BTC was already bearish. The losses in the past two weeks mean that the crypto market is primed for its next bearish leg.
$TON traders need to stay bearish
Source:
$TON/
$USDT on TradingView
Traders must remember that the current 4-hour structure was bearish. The drop to $1.72 on Friday, the 22nd of May, was used to plot a set of Fibonacci retracement levels.
It must be noted that further downside without a bounce is still possible. At the same time, a bounce toward $1.9-$2.0 would allow sellers to enter the market.
The long-term support expected at $1.5 might unravel quickly if Bitcoin continues its descent, as it structurally looks set to do. Toncoin traders will have to shift toward a short-term bearish bias and look to sell the bounce.
Final Summary
- The Bitcoin structural shift has changed Toncoin’s expectations in the short term.
- The $1.5 $TON support level might get undone if the market-wide selling persists in the coming weeks.
