TON Price Analysis: Key Level to Watch as TON Initiates Drops and Rolls Back to a Multi-Month Support Level

After failing to advance bullish late last year, TON initiated drops and rolled back to a multi-month support level, where a major breakdown will likely occur.

Technical analysis of TON price today reveals a bearish outlook following a failure to advance bullish late last year.

After initiating drops, TON price rolled back to a multi-month support level, where a major breakdown will likely occur. A stronghold there could bring a bounce back.

Since the massive explosion in the first quarter of the year 2024, Ton’s price has remained well above $4.45. However, several attempts to slip below this price level have proven abortive as it holds as crucial support.

But following the latest bearish setup, this support might get bridged any moment from now as the price trades around it for the fourth time. A breakdown from there should set the stage for a major loss in the mid-term capable of causing a 50% drop to refill the February 2024 gap.

Such a drop will confirm the bearish (double-top) pattern forming on the weekly timeframe. This could bring a serious negative sentiment in the market, although a buyback is expected once the gap is refilled at $2.2.

Considering the latest sell signal, there’s no room for the bulls. If by any chance they manage to defend the crucial support well, we can expect a short bounce before resuming bearish at full speed. Nonetheless, the bears are suggested to win the battle.

As observed on the weekly chart, TON price is suggested to be forming a bearish double-top pattern following a failure to advance bullish late last year. Several attempts to slip below a crucial support at $4.45 have failed, setting the stage for a possible breakdown.

After failing to advance bullish late last year, TON price initiated drops and rolled back to a crucial support level, where a major breakdown will likely occur. A stronghold there could bring a bounce back!

After a massive explosion in the first quarter of the year 2024, Ton’s price remained well above $4.45. However, several attempts to slip below this price level have proven abortive as it holds as crucial support.

But following the latest bearish setup, this support might get bridged any moment from now as the price trades around it for the fourth time. A breakdown from there should set the stage for a major loss in the mid-term capable of causing a 50% drop to refill the February 2024 gap.

Such a drop will confirm the bearish (double-top) pattern forming on the weekly timeframe. This could bring a serious negative sentiment in the market, although a buyback is expected once the gap is refilled at $2.2.

Considering the latest sell signal, there’s no room for the bulls. If by any chance they manage to defend the crucial support well, we can expect a short bounce before resuming bearish at full speed. Nonetheless, the bears are suggested to win the battle.

As observed on the weekly chart, TON price is suggested to be forming a bearish double-top pattern following a failure to advance bullish late last year. Several attempts to slip below a crucial support at $4.45 have failed, setting the stage for a possible breakdown.

The post TON Price Analysis: Key Level To Watch For A Major Breakdown appeared first on NullTX.