Over the past 24 hours, TON has seen another downturn after a sharp drop below $6. While the daily trend appears very bearish, if the price breaks below its five-month support, it could fall back to the yearly low.
After experiencing multiple rejections around $7 over the past two weeks of recovery, Toncoin began a decline yesterday and fell sharply to a low of $5.5. This low was quickly rejected, but selling resumed and it is now ready for a larger decline on the daily time frame.
The crucial support of $4.6, which has prevented bearish pressure for nearly five months, could pose a threat again if supply levels continue to rise on a monthly basis. A clear break below this support could trigger a huge decline to the February low of $2.
In the medium term, however, the price is still in bullish territory. If this important support leads to a strong upswing again, we can expect a large buyback with a double bottom formation.
This formation could lead to a major trend reversal if the bulls push the price above the $8.3 mark, the June high. With the current setup, things could get even worse in the coming days as the bears now control the price.
The most important level of TON to keep an eye on
The $5.27 support is currently the next level to watch out for to make sells. If the price breaks this support, the next key level to watch is $4.6. A major crack at this support could push the price to the $4-$3.4 range.
Currently, the $6.4 level is considered resistance. The rejected monthly high of $7.26 is now considered resistance. Above it are $7.65 and $8.3.
Important resistance levels: $6.4, $7.26, $7.65
Important support levels: $5.27, $4.6, $4
- Spot price: $5.6
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrencies or investing in any projects.
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