Consolidation Ends As Toncoin (TON) Eyes Breakout Beyond Resistance Levels.
Toncoin (TON) traded within a well-defined range, consolidating between $5.00 and $6.00. The chart displayed a downward trendline, suggesting bearish pressure.
A breakout occurred above $6.00, creating a higher high near $7.00 before reversing. This fake breakout was followed by a price hike, but resistance zone at $7.00 limited further gains.
$TON price action then entered a range zone between $6.00 and $6.50. Subsequently, a sell-off brought prices to a bottom near $4.77, testing a critical support level.
Consolidation followed, forming a support zone between $4.77 and $5.00, with the price bouncing off these levels multiple times. Toncoin’s consolidation indicated indecision as momentum built within the range.
TONUSDT’s movements suggested a buildup of energy, akin to a coiled spring, ready to release. Testing both sides of the range hinted at potential volatility ahead. A breakout above the downward trendline around $6.20 would signal bullish continuation.
Conversely, a drop below $4.77 could trigger further declines. Current patterns reflected neutral momentum, awaiting a decisive move. The resistance zone near $7.00 remained a key target for bulls.
