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Buy the Dip? Toncoin Hits Key Zone as Big Deal Looms
Toncoin (TON) is making waves in the crypto market after Verb Technology announced it will be rebranding to TON Strategy Co. (TSC), with a focus on building a treasury primarily composed of TON. This massive $558 million funding, through a private placement of 58.7 million shares at $9.51 each, is expected to close by August 7, 2025.
As the market awaits the outcome of this significant deal, Toncoin’s price has been moving in a downward trajectory, reaching levels not seen since July 2024. The current dip brings TON into a key zone, where investors may be tempted to “buy the dip.”
In recent days, Toncoin has dropped by roughly 7% on a weekly basis and around 5% over the past day. At press time, the token is trading at approximately $3.19.
The asset’s current price action aligns with previous price movements in the area between $3.30-$3.20, which could be a strong support zone for TON. If this level holds, a short-term recovery might be on the cards, potentially targeting levels around $3.45 in the near term.
However, if the price fails to hold within this range and slips below $3.20, it may trigger a decline towards the $3.02 or even lower levels.
In the meantime, chart analysis suggests that selling pressure is weakening, as indicated by MACD indicators and RSI readings. A potential reversal could be on the horizon if TON finds support at its current price level.
While there are no guarantees in the crypto market, it’s essential to monitor developments closely as the Verb Technology rebranding announcement has brought renewed attention to the project.
In this context, investors should keep a close eye on upcoming events and be prepared for potential opportunities or setbacks.
Source: cryptopotato.com
