Based on the TON/USDT chart:
Current price: 5.503 USDT, up 0.09% in 24 hours.
Support levels:
1. 5.334 (Bollinger Band lower)
2. 5.111 (24h low)
3. 4.352 (recent major low)
Resistance levels:
1. 5.764 (EMA 7)
2. 5.980 (24h high)
3. 6.327 (Bollinger Band middle)
4. 7.321 (Bollinger Band upper)
The price is currently below the EMA(7), indicating a short-term bearish trend. However, the recent green candle suggests a potential bounce.
Strategy:
1. Wait for confirmation of trend reversal before entering long positions.
2. Consider short-term trades between support and resistance levels.
3. Watch for a break above the EMA(7) at 5.764 as a potential entry point for longs.
4. Set stop losses below recent lows, particularly 5.111.
The news about Toncoin experiencing volatility due to false news suggests caution is warranted. This could lead to unpredictable price movements in the short term.
The wide Bollinger Bands indicate high volatility. The price is closer to the lower band, suggesting it might be oversold, but wait for confirmation before entering long positions.
The MACD is not visible in the image, which limits our ability to gauge momentum.
For aggressive traders, buying near current levels with a stop loss below 5.111 could be considered, targeting the EMA(7) or 24h high. More conservative traders might wait for a clear break above the EMA(7) before entering.
Always manage risk carefully and be prepared for high volatility, especially given the recent news-induced price swings.
