Toncoin Stuck in Descending Triangle, Breakout or Breakdown?

Toncoin, previously known as Gram and trading under the $GRAM ticker, has been struggling in recent days. Despite its ties to the Telegram ecosystem, its price has dropped by 3.3% over the past day, currently sitting at $1.43. This decline is part of a larger trend, with the price down 4.89% for the week.

Looking at the weekly chart, Toncoin remains inside a descending triangle, with a flat support floor and a falling trendline capping every bounce. A break above the upper boundary on rising volume could potentially push the price towards $2.264, then $2.815, and eventually $3.574.

However, if the price gets rejected from the upper boundary and the flat support gives way, it's more likely that the price will slide towards $1.181, with $0.582 as the level below that. The circulating supply of Toncoin sits at 2.765 billion against a total supply of 5.238 billion, with an uncapped max supply. This dilution factor could weigh against any bullish case.