18 hours ago
The past three days have been tough for TON as it posted minor losses amid retracement. While its V-shaped recovery pattern is still intact, it is likely to resume bearish avtions if the price continues to drop daily. Last month saw most altcoins through a temporal halt in selling as they retraced significantly, but many short-lived the momentum following a sharp rejection and they quickly lost steam after tapping a month’s high. However, TON’s retracement is still looking intact on the daily chart as it continues to form a V-shaped pattern, but the crypto recently shed losses following a bearish weekly start. This loss came as a result of the retracement of the bullish impulsive movement, which came in the form of a higher high and higher low pattern on the hourly chart. If this bullish pattern continues to play, we can expect a bounce back soon. This should bring more increase to sustain the bullish V-shaped pattern on the daily chart. As mentioned in the previous analysis, this reversal pattern is capable of sending the price to $7, to form an inverse head-and-shoulder pattern after a major pullback. On the other hand, a sharp drop from the current trading level could bring us back to the recent bottom. Such a move would invalidate the current bullish signal daily, especially if the price breaks down. TON’s Key Level to Watch Source: Tradingview In the latest drop, there’s close support at $3.52. If this support fails to produce a bounce, the price may roll over to the $3.18, $2.74 and $2.36 levels before breaking lower. Retaking the weekly lost $4.21 high, TON may advance buying towards the $4.79 level. The higher resistance level to watch for a surge is $5.66. Key Resistance Levels: $4.21, $4.79, $5.66 Key Support Levels: $3.52, $3.18, $2.74 Spot Price: $3.66 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
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Market Analysis crypto TON TONCOIN
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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