Toncoin (TON) closed above the 50-day SMA ($5.21) on November 10, but the bulls are finding it difficult to sustain the higher levels.
TON/USDT Daily Chart | Source: TradingView
Sellers are trying to pull the price below the moving averages. If they succeed, the TON/USDT pair could drop to the support zone between $4.72 and $4.44. This is an important zone for bulls to defend as a break below this level would complete a bearish head and shoulders pattern. A bearish scenario could see the price drop to $3.50.
The bulls will need to push and sustain the price above the $6 resistance to invalidate this bearish pattern.
#MarketDownturn #write2win #btc #bnb #ton $TON