Gram ($GRAM), the token formerly known as Toncoin, fell 5.77% over the past 24 hours after a sudden sell-off on October 23, when its price dropped 11.08% in a single hour — from $1.30 to $1.15. The move marked the first time $GRAM had slipped below the $1.30 demand zone that had held intact since early August.

Liquidation data from CoinGlass showed the fallout was heavily one-sided: $5.83 million in long positions were liquidated across all exchanges on Friday, compared with just $240,300 in short liquidations. Long liquidations occur when exchanges forcibly close leveraged bullish positions as price moves against them, and one-sided tallies like this are commonly read as a measure of how much leverage a sell-off has flushed out. Buyer exhaustion at a key support zone, combined with the liquidation cascade, helped explain the token's recent losses.

From Bullish Structure to Breakdown

The breakdown stands in contrast to the token's trajectory in late September, when $GRAM rallied to a high of $1.74. That advance also took out the $1.56 high set in August, which at the time appeared to confirm a bullish trend. Strong derivatives and spot volumes, along with bullish expectations for Bitcoin (BTC) as it climbed back above $80,000, reinforced the positive outlook for the altcoin.

Since then, market-wide buyer apathy has driven a steep pullback. The token slid into the $1.30–$1.35 demand zone, a region it had defended for nearly three months before that support failed within the past 24 hours. Demand zones of this kind mark price ranges where buyers had repeatedly stepped in, and their failure is typically treated by technical traders as a sign that sellers have taken control.

Technical signals had already flagged weakening momentum. The Accumulation/Distribution (A/D) indicator, which gauges whether trading volume is flowing into or out of an asset, pointed to a lack of buying pressure in recent days, while the H4 MACD printed a bearish crossover earlier in the week. The analysis argued that swing traders should remain bearish, as the price has decisively broken below a key support zone and the previous swing low.

Scenario: A Retest Before Continuation

The report described the former $1.30–$1.35 demand zone as now functioning as a supply zone — a common technical flip in which a broken support level comes to be watched as potential resistance. It suggested that $GRAM may be oversold in the short term and could bounce back to that level before another bearish impulse move. Under that scenario, traders cited in the analysis would wait for such a retest — along with the next bearish MACD crossover — before looking to position short.

On the upside, the analysis noted that a sustained recovery above $1.36 would indicate a bounce capable of reaching the $1.50–$1.60 range before running out of steam.

Outlook

Gram, formerly Toncoin, was hit by an intense wave of selling that produced an 11% price drop within an hour of trading on Friday. Heavy spot selling volume and a cascade of long liquidations fueled the swift decline to $1.15, shifting the swing-trading bias toward the bearish side.

The analysis was originally published by AMBCrypto.