Robinhood’s Aug. 28 listing sparked only a brief 5% spike, as TON quickly erased gains.
Technical signals lean bearish, with a MACD crossover, negative CMF, and weak sentiment.
A reversal is possible if retail interest rises, in which case TON could break resistance.
On Thursday, Aug. 28, U.S. trading platform Robinhood announced the Toncoin (TON) listing. The news initially sparked a 5% jump in its price.
However, those gains were short-lived. As of this writing, the altcoin has already erased the upside, suggesting the development turned into a classic “sell the news” event.
While some traders may anticipate a rebound, the short-term outlook for TON appears muted.
Toncoin Remains Trapped
When Robinhood lists a cryptocurrency, it sometimes triggers an explosive rally. In Toncoin’s case, the price briefly spiked to $3.23 before quickly retreating to $3.07.
On the 4-hour chart, TON has formed a descending channel, reflecting sustained selling pressure and hinting at further short-term weakness.
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A closer look at the chart shows that the MACD has formed a bearish crossover, with the 26 EMA (orange) crossing below the 12 EMA (blue). This setup reinforces downside pressure on Toncoin.
Given this bearish signal, with strong resistance overhead at $3.42, TON’s price will likely slip below the $3 support in the near term unless buying momentum returns.
At the moment, the buying pressure doesn’t appear strong enough to prevent further downsides for Toncoin. One reason is the Chaikin Money Flow (CMF) signal, which has now dropped below the zero line.
This decline reflects rising selling pressure and weakening inflows, which could drag TON’s price lower in the sessions ahead.
Beyond technical signals, on-chain data from Santiment shows market sentiment around Toncoin has turned bearish. Social media discussions are dominated by negative remarks, suggesting that enthusiasm for the token is fading.
With sentiment skewed against it, TON may struggle to attract fresh demand. In this scenario, the cryptocurrency is unlikely to challenge—or successfully break—the $4 resistance level in the near term.
TON Price Still in Danger
On the daily chart, Toncoin’s price remains trapped within a descending triangle, a pattern that often signals bearish continuation.
Adding to the downside risk, the Awesome Oscillator (AO) has slipped into negative territory, confirming weakening momentum and reinforcing the bearish outlook.
As it stands, TON is on the verge of declining below the support line of the symmetrical triangle. If that happens, it is unlikely for TON to break above the $3.50 resistance.
Instead, the market value of the cryptocurrency might slide to $2.35.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
