Technical Analysis of $TON/USDT on the 1-Day Frame
Chart Overview:
- Asset: $TON/USDT
- Time Frame: 1-Day
- Key Levels:
- High: $8.288
- Low: $4.601
- Current Price: $6.144 (approximate price during the Binance listing candle)
- Resistance Level: $6.144 (previously a support level, now acting as resistance)
- Support Level: $5.821
Trend Analysis:
- Downtrend: The chart depicts a sharp decline in the price leading up to the Binance listing. This is evident from the strong bearish candles, breaking through the previously established support levels.
- Sell Signals: Multiple sell signals have been triggered throughout the chart, aligning with the overall bearish trend.
- Ascending Support Line: The green ascending trendline shows where TON previously had support before breaking down.
Binance Listing Candle Analysis:
- The yellow arrow highlights the Binance listing event. The candle initially showed a strong downward momentum, but it has currently stabilized around the $6.144 level. This indicates that while the initial reaction to the listing was bearish, there’s potential for a reversal or consolidation at this level.
Price Prediction and Trading Signal:
- Bearish Scenario:
If $TON fails to maintain support above $5.821, it could test the next major support at $4.601. This would continue the downtrend, with further downside risk if the bearish momentum persists.
- Bullish Reversal Potential:
If the price manages to hold above $5.821 and breaks above $6.144 with strong volume, it could initiate a recovery. The first target would be a return to the $7.00-$7.50 range, where the descending red trendline might provide resistance.
- Trading Signal (Long Position):
For a long position, wait for a confirmed breakout above $6.144 with significant buying volume. A stop-loss can be placed just below $5.821 to protect against downside risks. The first take-profit target would be around $7.00, and a further breakout could aim for $8.00.
Conclusion:
The $TON price action around the Binance listing shows a potential consolidation phase after a steep decline. Traders should watch the key levels of $6.144 and $5.821 for signs of a reversal or continuation of the downtrend. The next few trading sessions will be crucial in determining the direction of the market.
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