Toncoin/USDT: Bearish Breakdown Threatening Key Support Level
2024-09-22

hello guys.

I said my perspective about ton before:



let's go through the lower level:

The price of Toncoin (TON) is facing resistance from a descending wedge pattern, with multiple rejections from the upper boundary.

Price has not engulfed the previous highs, indicating that bulls are losing momentum and a breakout to the upside is less likely for now.

Fibonacci retracement levels are drawn, with the 0.618 level acting as a strong resistance zone.
If the current support (marked with the trendline) breaks, it could confirm a bearish continuation.

The first major target to the downside is the $5.17 level, which aligns with previous support.
A further breakdown could drive the price towards the $5.00 psychological support, a critical zone for bulls to defend.

A breakdown below $5.00 would open the path for deeper bearish targets.

 Summary:
 
 
 Descending wedge pattern with no bullish engulfing.
 Price is testing support; a break could lead to a significant downside move.
 Key support levels at $5.17 and $5.00.
 Bearish continuation if these supports fail.
 

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