As several altcoins posted major gains amid this week recovery, TON remained calm and continued to consolidate on the daily scale. It is weak and appears to be gathering momentum for the next major move.
During the last leg down, TON recorded a huge loss but managed to stay above the $2.9 level. This was followed by a sharp bounce and the crypto increased above $4. The bears mounted pressure again and the $3.6 level bolster as support.
Several attempts to pull the price lower has proven abortive and as we can see on the daily chart, the market is now subjected to a consolidation phase for over a week. This indicates lack of interest and a period of liquidity gathering. A surge from this phase would signal the market’s next direction.
However, it is pertinent to note that the market is still in a downtrend. A breakdown from the brief consolidation phase could trigger another sell-off, advancing the existing bearish phase. A new low may surface if supply turns out heavy.
On the other hand, the bulls are trying to step back. If they regroup well, we may see a breakup from the consolidation phase as that could bring a recovery in the market. They must push above the previous monthly high before gaining full control on the market.
As of now, things are looking dicey as the next move is yet unknown. Still, the bears are much more likely to have an upper hand as the market remains under their control.
TON’s Key Level to Watch
Source: Tradingview
A push from the current trading level should allow a retest at the $4 resistance. The $4.45 level is the next resistance to watch, followed by the $4.95 level. We can expect more increases if it Sustains pressure.
The support levels holding the market right now are $3.6, $3.2 and $2.91. If these levels fail to contain pressure, $2 would be the next target support for the bears.
Key Resistance Levels: $4, $4.45, $4.95
Key Support Levels: $3.6, $3.2, $2.91
- Spot Price: $3.66
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: tonefotografia/123RF