Expert Warns Against Buying Toncoin Now, Shares Key TON Price Levels To Watch
Release: 2024/09/02 22:34 Reading: 928
Top analyst, 
Crypto_Jobs TA & FA , advises caution in purchasing Toncoin (TON) due to its recent bearish trend. The analyst stressed the risks associated with the ongoing uncertainties surrounding the TON network.
Crypto_Jobs noted a significant decline in TON's price, reaching a drop of approximately 40%. He also suggests that TON may face further downward pressure.
Technical Breakdown Signals Bearish Sentiment
Crypto_Jobs' analysis focuses on TON's daily price action, highlighting the shift from bullish to bearish sentiment. Initially, TON followed a bullish trendline, indicating positive momentum. However, a breakdown of this trendline signaled a reversal. The price attempted to recover but faced resistance, forming a descending triangle pattern. The breakdown of this pattern triggered a sell-off, solidifying the bearish outlook.
Key TON Price Levels
Crypto_Jobs identified critical support and resistance levels for TON. Resistance was encountered at $7.70, coinciding with horizontal resistance and the descending trendline. Support levels are located at $6.15, $6.00, $5.60, $5.10, and $4.80. The analyst suggests a potential lower support level of $4.60 and an extended target of $3.80.
Bearish Momentum and Potential Decline
The analysis indicates a strong bearish momentum for TON. The inability to reclaim previous highs and the rejection at the descending trendline suggest seller control. Crypto_Jobs predicts a potential further decline, with $6.00 being a key level to watch. If breached, TON could drop towards $5.10 and $4.80.
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