🔴Trading Signal: TON Coin Sell Signal
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➖Current Price: $5.884
➡️Analysis:
The chart for TON Coin (TON/USDT) is showing signs of a bearish trend, with the price facing strong resistance and failing to break higher. Here's a step-by-step breakdown of the potential price movement:
1️⃣Immediate Resistance: The price is currently struggling against the descending resistance line around $5.776, which coincides with the 38.2% Fibonacci retracement level.
2️⃣Next Support Level: If the price continues to decline, the next key support level is at the 50% Fibonacci retracement, approximately $4.996.
3️⃣Potential Further Decline: Should the bearish momentum persist, the price could further drop to the 61.8% Fibonacci retracement level near $4.215.
➡️Trading Recommendation:
➖Sell TON Coin at current levels with a short-term target of $4.996.
➖Watch for further declines towards $4.215 if the price fails to hold above $4.996.
➖Risk Management: Place stop-loss orders just above the descending resistance line (~$5.776) to protect against unexpected reversals.
Disclaimer: DYOR and NFA
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