TON decreased by 1% today in continuation of the monthly drawdown, but it is still trading in the buying zone on the monthly timeframe. A drop below the May low may fuel huge selling pressure in the coming week.
Last month, TON reached a new milestone after rallying by 3x to around $8.3 in five months. But unfortunately, it pulled back after marking resistance at that price level. The crypto climbed back but failed to sustain pressure higher due to a rejection.
The price fell earlier this month and started to show signs of weakness daily. Over the past week, the market has been on a steady fall with no traces of pullbacks, although Friday’s attempt was quickly countered.
It is currently breaking lower from a brief consolidation phase and is now targeting the $6 support, where the price pulled back to in May. Failure to bounce off that support may result in more breakdowns.
The bulls are currently off the market. If they manage to return, we may see a slight retracement to $7 before breaking higher daily.
While most altcoins are trying to bounce back from their recent lows, TON is posting a loss and it may continue to take a downturn if the bulls fail to intercept the ongoing bearish move.
TON’s Key Level to Watch
The current retracement level to watch for an increase lies at $7.09. Above it lies the $7.65 resistance level. If the price breaks higher, the $8.2 level would be the next major resistance to watch for a breakup.
A drop below the sell target level could bring us to the $5.27 support. The$4.6 level is the main support to watch for a breakdown.
Key Resistance Levels: $7.09, $7.65, $8.2
Key Support Levels: $6, $5.27, $4.6
- Spot Price: $6.55
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!