Despite the recent monthly recoveries, Ton’s overall market outlook is still bearish in the short term. It currently appears weak daily after rejecting a resistance line, where major drops were activated in the past months
This month’s trading has brought a significant recovery in Ton’s price as it revisited the $6.1 range on Friday. It saw a rejection there and dropped slightly after failing to hold above the key $6 level yesterday.
Things turned out more negative today and the price slipped to the $5.8 level at the time of writing. The recent price rejection at the descending trendline – which served as a dynamic resistance since July – looks like the mid-August pattern that led to a major collapse in the late month.
If this pattern repeats, the price could plummet into the $4 – $3.5 zone before locating solid ground. Though the potential bearish move could become invalid if the monthly low continues to hold as support.
Looking at the recent market sentiment, which has positively changed the general crypto landscape over the past weeks, Ton may advance bullish to test the resistance line that prevented buy actions in the past months.
A monthly close below this crucial resistance should trigger a major bullish rally to the $8.3 level with a potential break up. Despite losing buzz in the last 24 hours, the price is still up 3% on a weekly scale.
TON’s Key Level to Watch
The immediate support level to watch for the latest drop is $5.4. If the price dips below this price level, the next supports to consider for drops are $4.92 and the monthly $4.45 low before breaking lower.
The weekly rejected $6.15 high is now considered as resistance. If the price breaks above it, higher resistance levels to watch for an increase would be $7 and $7.65.
Key Resistance Levels: $6.15, $7, $7.65
Key Support Levels: $5.4, $4.92, $4.45
- Spot Price: $5.8
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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