Top crypto analyst, Crypto_Jobs TA & FA , has lately issued a warning against buying Toncoin (TON) amidst its current bearish trend. Through a tweet, the analyst emphasized the potential risks tied to the ongoing uncertainty surrounding the TON network.
According to Crypto_Jobs, the price of Toncoin has experienced a decline, dropping by as much as 40%. Moreover, he notes that TON could face further downward pressure soon.
TON’s Trendline Breakdown Signals Bearish Sentiment
The analysis provided by Crypto_Jobs focuses on Toncoin’s daily price action, highlighting a critical shift from bullish to bearish sentiment. Initially, Toncoin had followed a steady upward trendline, indicating positive momentum.
$TON 18-06 vs today Another perfect alert & a 40% dump given! Charts never lie. it's as if people knew about Durov's arrest!The current price remains bearish.I wouldn't attempt a buy now with the news and uncertainty over TON network! In the short term, the… https://t.co/n12IrrARZt pic.twitter.com/2WrV7eYSie
— Crypto_Jobs TA & FA (@CryptoJobs3) September 1, 2024
However, this trendline eventually broke down, signaling a reversal in market sentiment. The price attempted to recover but faced resistance at a descending trendline, forming a bearish continuation pattern known as a descending triangle.
The breakdown below this pattern’s lower boundary triggered a substantial sell-off, further solidifying the bearish outlook.
Key TON Price Levels to Monitor
Crypto_Jobs identified several critical support and resistance levels for Toncoin. The price encountered strong resistance at the $7.70 level, which aligns with both horizontal resistance and the descending trendline.
On the downside, there’s immediate support located around $6.15 and $6.00. Moreover, these levels correspond to previous horizontal support zones and key psychological thresholds.
If these levels fall through, $5.60, $5.10, and $4.80 represent the following levels of support. The analyst has identified a lower support level of approximately $4.60, with an extended target of $3.80. This level could act as a potential price floor if the bearish momentum persists.
Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT
Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.
Show more +Show less –
Read also: This Bitcoin Indicator Points to More Selling Pressure on BTC Price
Bearish Momentum and Potential Further Decline
The overall analysis indicates a strong bearish momentum for Toncoin. The inability to reclaim previous highs, coupled with the rejection at the descending trendline, suggests that sellers are currently in control.
Crypto_Jobs has projected a potential further decline, with the $6.00 region being a key level to watch. If this support level is breached, Toncoin could see its price fall toward $5.10 and $4.80, aligning with the analyst’s cautionary stance.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Expert Warns Against Buying Toncoin Now, Shares Key TON Price Levels To Watch appeared first on CaptainAltcoin.
