Top crypto analyst, 🧙 Crypto_Jobs🧙♂️ TA & FA 🎯, has lately issued a warning against buying Toncoin (TON) amidst its current bearish trend. Through a tweet, the analyst emphasized the potential risks tied to the ongoing uncertainty surrounding the TON network.
According to Crypto_Jobs, the price of Toncoin has experienced a decline, dropping by as much as 40%. Moreover, he notes that TON could face further downward pressure soon.
What you'll learn 👉
TON’s Trendline Breakdown Signals Bearish Sentiment
The analysis provided by Crypto_Jobs focuses on Toncoin’s daily price action, highlighting a critical shift from bullish to bearish sentiment. Initially, Toncoin had followed a steady upward trendline, indicating positive momentum.
However, this trendline eventually broke down, signaling a reversal in market sentiment. The price attempted to recover but faced resistance at a descending trendline, forming a bearish continuation pattern known as a descending triangle.
The breakdown below this pattern’s lower boundary triggered a substantial sell-off, further solidifying the bearish outlook.
Key TON Price Levels to Monitor
Crypto_Jobs identified several critical support and resistance levels for Toncoin. The price encountered strong resistance at the $7.70 level, which aligns with both horizontal resistance and the descending trendline.
On the downside, there’s immediate support located around $6.15 and $6.00. Moreover, these levels correspond to previous horizontal support zones and key psychological thresholds.
If these levels fall through, $5.60, $5.10, and $4.80 represent the following levels of support. The analyst has identified a lower support level of approximately $4.60, with an extended target of $3.80. This level could act as a potential price floor if the bearish momentum persists.
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Bearish Momentum and Potential Further Decline
The overall analysis indicates a strong bearish momentum for Toncoin. The inability to reclaim previous highs, coupled with the rejection at the descending trendline, suggests that sellers are currently in control.
Crypto_Jobs has projected a potential further decline, with the $6.00 region being a key level to watch. If this support level is breached, Toncoin could see its price fall toward $5.10 and $4.80, aligning with the analyst’s cautionary stance.
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