SasanSeifi| TONCOIN:Is a Further Correction Coming?
2024-09-15

Hey there, ✌

🔹In the daily timeframe, analysing the  KUCOIN:TONUSDT  chart, reveals that the price has been on a downward trend since the $8 level. After breaking the crucial $6 support, this downtrend extended to around $4.80. Following this decline, the price saw a nearly 50% recovery and pulled back to $6, but then faced further correction to $4.50.

🔵Currently, with the price not stabilizing below the previous LOW, it has managed to grow at least 50% from the previous correction leg. The medium-term outlook remains generally bearish. If the price fails to break significant resistance levels between $6 and $6.50 and confirm a SELL signal while completing the pullback, further price correction towards $4 and potentially $3.50 might occur.

💢However, if resistance levels are broken and stabilize, the price may rise towards the $7.50 to $8 range. In this case, further analysis will be needed to determine if the previous high will be surpassed and whether the bullish trend will continue.❗❓

💢 Please remember that this is just my personal viewpoint and should not be taken as investment advice. I’d love to hear your thoughts and share opinions!

Happy trading!✌😎
Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌