$TON

It is struggling to initiate a bounce off the moving averages, indicating a lack of demand at higher levels.

The bears will try to strengthen their position by pulling the price below the moving averages. If they manage to do so, the TON/USDT pair could drop to the support zone of $4.72 to $4.44. Buyers are expected to defend this zone with all their might because a close below $4.44 will complete a bearish head and shoulders pattern. This could sink the pair to $3.50.

On the upside, the bulls will have to push and sustain the price above $6 to signal a turnaround. The pair could then rally to $7.