The $1.72 Support Failure

$TON broke below its nearest 4-hour support level at $1.72, marking a clear rejection of the previous floor. This wasn't a wick-and-recover; price closed and held below the level across multiple candles, confirming the breakdown as structural rather than noise. The loss of this support is significant because it had held as a pivot point during the recent consolidation phase - its breach signals that buyers at that zone were exhausted.

Current Price Action and the $1.70 Level

TON is now trading near $1.70, which functions as a secondary support within the broader downtrend structure. This level acts as a micro-floor - the difference between $1.72 and $1.70 represents roughly 1.16%, a tight range that traders are currently using to gauge whether the asset can find footing or if selling pressure will extend lower. Volume during the breakdown phase will be critical to watch: low-volume breaks often see reversal wicks, while sustained volume confirms a structural shift lower.

The $1.64 Structural Floor Ahead

If $1.70 fails to hold, the next key Fibonacci-derived support sits at $1.64, approximately 3.4% lower from the current level. This floor represents a confluence of prior swing lows and a natural 4H support band. Reaching $1.64 would mark a deeper correction, likely requiring fresh selling momentum or a cascading liquidation event to trigger. The distance between $1.70 and $1.64 is substantial enough that price should consolidate or bounce somewhere in this zone before testing the lower level - a gap of eight cents gives traders visible room to position.

Market Context: BTC and ETH Weakness