$TON — The descending structure.
The chart shows the “Head and Shoulders” pattern formation, which usually indicates a trend reversal. In our case, the downtrend is confirmed by the neckline breakdown by the price level.
The downside potential is usually equal to the “head” of the figure.
The first target will be the zone at $3.94 - 0.5 Fibonacci value.
This road will be opened after the neckline retest and the subsequent successful breakdown of level 0.382.
The second downside target is the zone at $3.30 - here the downside potential ends, according to the “Head and Shoulders” pattern, and also, the strong value of 0.618 Fibonacci golden ratio is located in this area.
Usually, there is a rebound from it, or the price just corrects to this level and continues the global upward movement.
The third potential target could be the zone at $2.80 - there is a strong support level (red rectangular zone), which is not easy to pass.
But this outcome, I believe, is unlikely.
Further buying can be considered based on the first two major ranges.
