✔️ Key Observations:
➡️ Recent Price Action:
⏺TON experienced a sharp drop, indicating strong bearish momentum.
⏺A temporary recovery (pullback) is observed, forming a consolidation zone near $3.87 - $4.00.
➡️Resistance & Support Levels:
⏺Major resistance: $4.35 – If price moves above this level, a stronger recovery is possible.
⏺Intermediate support: $3.60 – A break below could lead to further downside.
⏺Major support: $3.03 – This is the key downside target in case of a stronger bearish continuation.
➡️ Projected Price Movement:
⏺The yellow pattern suggests a possible fakeout and correction, where the price might retest $3.60, experience a short-term bounce, and then continue downward toward $3.03.
⏺If bulls regain strength and break above the $4.00 - $4.35 zone, a bullish reversal could be confirmed.
✔️ Conclusion:
⏺Bearish Bias: Given the strong initial sell-off and the projected lower high pattern, further downside pressure is likely unless TON reclaims $4.00+.
⏺Key Watch Zones: $3.60 for a reaction, and $3.03 as a critical support.
⏺Traders should watch for a break of either resistance ($4.35) or support ($3.60) to confirm the next trend direction.
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👤Morteza Yazdani
⚠️This isn't a financial proposition, TonRadar solely analyzed TON. (DYOR)
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