This Crypto Trader Warns of 45% Toncoin (TON) Price Correction
Release: 2024/09/05 23:34 Reading: 649
Toncoin (TON) is facing a crucial juncture, with analysts predicting a potential 45% correction. Ali (@ali_charts), a crypto analyst, has identified a bearish Head and Shoulders pattern in the token's price action, indicating a possible decline towards $2.60 if support is not regained.
Head and Shoulders Pattern Signals Caution:
Ali's analysis reveals that TON has formed a Head and Shoulders pattern on its 3-day chart. Traditionally, this pattern suggests a bearish outlook, where price declines continue after the completion of the right shoulder. The pattern's neckline at $4.70 has been breached, which often indicates the loss of a crucial support level. Currently, TON is trading below this key level, raising concerns among traders.
Fibonacci Levels Outline Potential Targets:
Ali's analysis incorporates Fibonacci retracement levels alongside the Head and Shoulders pattern to identify potential support and resistance points. The price of TON has fallen below the neckline at $4.67, which is the 0.786 Fibonacci retracement level. This breach supports the bearish outlook.
Key Fibonacci extension levels suggest possible downside targets for TON. Support may emerge at $3.99, $3.68, and $3.28. The most extreme target lies at $2.63, representing a 45% correction from the current price.
Importance of $4.70 Support Level:
Ali emphasizes the significance of the $4.70 support level for TON. Without a recovery above this point, the token could face a severe correction. Traders should closely monitor TON's price against the key levels and observe whether it can recover or continue its downward trajectory.
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