TON/USDT chart analysis 🐕🦺$TON
The chart shows the TON/USDT pair on a daily timeframe, where you can see several key technical indicators and levels that form the current picture of the market.
Main technical indicators:
Parabolic SAR indicator 🐩: The Parabolic SAR indicator dots on the chart are located above the price candles, indicating a downward trend. If the decline continues, the price may move towards the support level.
Ichimoku indicator 🐕: The Ichimoku cloud (Kumo) is above current prices, which also confirms the bearish sentiment of the market. The Tenkan-sen line (red) is below the Kijun-sen line (blue), which indicates the weakness of the bulls and the prevalence of bearish sentiment.
Bollinger Bands 🦮: Bollinger Bands are narrowing, which may indicate a possible further decrease in volatility. The current price is closer to the lower Bollinger Band, which signals that the asset may be oversold, but this signal should be viewed with caution.
Fibonacci 🐕🦺: The chart shows that the price has pulled back below the 0.618 Fibonacci level (around 4.54 USDT), which is an important support level. A break of this level may signal further downward movement.
Support and resistance levels:
Resistance Level 🐶: Around 5.97 USDT, which corresponds to the 38.2% Fibonacci level. This also coincides with the upper boundary of the Ichimoku cloud, which makes this level even more significant.
Support level 🐕: Located around 4.73 USDT. If the price breaks through this level, the next significant support level will be the 4.54 USDT zone (Fibonacci level 0.618).
Trend lines and patterns:
The chart shows a downtrend in terms of a long-term trend line that starts from a peak around 8.29 USDT. A break of this trend line could signal a possible reversal, but until then the market remains under bearish pressure.
Conclusion 🐕🦺:
TON/USDT is in a bearish trend with current oversold signs. It is important to monitor the dynamics around 4.73 USDT and 4.54 USDT to confirm a possible reversal. If the support is broken, the market may continue to fall to lower levels. For a bullish scenario, the price should break through the resistance levels and return above the Ichimoku cloud.
It is always important to be aware of the risks and conduct your own analysis before trading! 🐩
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