Technical Analysis of #TON/USDT : Key Levels to Watch
The charts show 4-hour (4h) and daily (1D) timeframes, indicating both short-term and long-term perspectives.
The 200-period Moving Average (MA) on the charts is a critical indicator of the long-term trend. The price remains below the 200-MA on both timeframes, signaling a bearish trend. The Volume Weighted Average Price (VWAP) is also plotted to show the average price weighted by volume. The price below the VWAP further supports the bearish outlook.
On the 4-hour chart, the RSI is around 30.69, near the oversold zone, suggesting a potential for a short-term rebound or consolidation as the market may correct from being oversold.The daily RSI is at 41.67, indicating that there is still room for further downward movement before reaching the oversold condition on this timeframe.
The MACD on both charts shows a bearish crossover, with the MACD line crossing below the signal line, which confirms the bearish momentum.The negative MACD histogram reinforces the ongoing bearish trend, suggesting further downward pressure.
Support and Resistance Levels:
Key support and resistance levels are evident on the charts. The recent price movement has broken below a significant support level. The next important support is around 5.644. If this level does not hold, the price could decline further towards the next support near 4.283.
Potential Scenarios:
Should the current support level hold and the RSI begin to recover from oversold conditions, a short-term bounce back towards the VWAP or MA lines is possible. If bearish momentum persists and the support level breaks, further downside could be expected, targeting the lower support zone at 4.283.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult before making any investment decisions.
#6thTrade #BecomeCreator #MarketSentimentToday #Market_Update
