The Toncoin (TON) is plunging, breaking the $3.16 support in a volatile crypto market. A double top at $3.18 signals a potential short-term correction. Explore the reasons, technical indicators, and response strategies now!
The cryptocurrency market is currently experiencing a period of high volatility, with significant price fluctuations. Today, the cryptocurrency TON (Toncoin) is facing significant bearish pressure, raising questions about the short-term prospects for this token.
Indeed, the technical analysis of the TON-USD price reveals concerning signs in the short term. After unsuccessfully attempting to break the resistance at $3.22, TON experienced accelerated selling during the most intense trading hours. This led to a breakdown of the support level at $3.16, confirmed by a strong volume of sales with a drop in OBV.
The formation of a short-term “double top” at the $3.6 level, followed by this breakdown, is a classic bearish technical signal. This setup, combined with the creation of new lower lows and lower highs, suggests that TON could enter a short-term bearish trend.
The tightening of the FBB indicates a strong movement ahead, with a potential bottom around $2.3 or a peak at $4.19. However, TON will need to break above the $3.3 resistance again and hold it as support to potentially see a trend reversal.
Furthermore, the south-facing bullish trendline and the bearish divergence of the RSI in 4H support the continued short-term downward trend.
This selling pressure on TON is part of a global economic tension that is shifting investor priorities across all markets, both traditional and cryptographic. The increased crypto market volatility reflects this uncertainty, prompting investors to exercise caution.
In this uncertain context, investors must remain attentive to market technical signals, such as support and resistance levels, as well as transaction volumes. Close monitoring of key indicators will be essential to make informed decisions and adapt to the evolving dynamics of the TON market.
It will also be crucial to follow the latest news about TON. For instance, they recently announced a partnership with Tether to launch a gold-backed stablecoin on the Telegram blockchain.
In conclusion, the recent drop in TON and the formation of a “double top” are concerning short-term technical signals. Therefore, investors should proceed with caution and closely monitor the upcoming movements of this cryptocurrency in a high-volatility market environment. Stay tuned to follow the latest trends in the crypto market.
For the long term, many experts predict a rise beyond $7 in the coming months, representing an increase of over 100%. To easily acquire the token, here’s a guide to getting it on Bitget:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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