Toncoin/TetherShort
Toncoin/USDT: Bearish Breakdown Threatening Key Support Level
hello guys.
I said my perspective about ton before:
let's go through the lower level:
The price of Toncoin (TON) is facing resistance from a descending wedge pattern, with multiple rejections from the upper boundary.
Price has not engulfed the previous highs, indicating that bulls are losing momentum and a breakout to the upside is less likely for now.
Fibonacci retracement levels are drawn, with the 0.618 level acting as a strong resistance zone.
If the current support (marked with the trendline) breaks, it could confirm a bearish continuation.
The first major target to the downside is the $5.17 level, which aligns with previous support.
A further breakdown could drive the price towards the $5.00 psychological support, a critical zone for bulls to defend.
A breakdown below $5.00 would open the path for deeper bearish targets.
Summary:
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
I said my perspective about ton before:
let's go through the lower level:
The price of Toncoin (TON) is facing resistance from a descending wedge pattern, with multiple rejections from the upper boundary.
Price has not engulfed the previous highs, indicating that bulls are losing momentum and a breakout to the upside is less likely for now.
Fibonacci retracement levels are drawn, with the 0.618 level acting as a strong resistance zone.
If the current support (marked with the trendline) breaks, it could confirm a bearish continuation.
The first major target to the downside is the $5.17 level, which aligns with previous support.
A further breakdown could drive the price towards the $5.00 psychological support, a critical zone for bulls to defend.
A breakdown below $5.00 would open the path for deeper bearish targets.
Summary:
- Descending wedge pattern with no bullish engulfing.
- Price is testing support; a break could lead to a significant downside move.
- Key support levels at $5.17 and $5.00.
- Bearish continuation if these supports fail.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
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do you think this news will be a trigger for ton's downward movement?
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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