Toncoin (TON), the native cryptocurrency of The Open Network, has experienced a retreat from its recent attempt at a bullish recovery. The cryptocurrency has fallen 18% over the past three weeks, dropping to $5.00. This decline puts TON on track to retest a key support level on the weekly chart, the 0.5 Fibonacci retracement. Despite the pullback, bullish sentiment for TON is fueled by investors withdrawing over $19 million worth of the cryptocurrency from centralized exchanges, suggesting confidence and a long-term holding strategy. The current price of TON is slightly above the established support at $4.6, and a bounce off this support could reignite bullish momentum. However, a break below this support could trigger selling pressure and push TON down to the next Fibonacci support at $3.80.



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