TON Forms Double Top Pattern, Bearish or Bullish?
Based on TON’s past price action, the coin has successfully formed a double top chart pattern, which is usually followed by a drop in price. With a 10% drop in trading volume to $152 million over the past day, TON’s price indicates a bearish trend.
In the past 24 hours, TON is down about -0.39% with a market cap of about $15.52 billion and a price of about $6.44. Currently, TON is trading above the 1-day Simple Moving Average (SMA), but on the 4-hour timeframe, it is trading below the range.
Looking at the 4-hour timeframe, TON’s price is below the 100-day Simple Moving Average, which clearly indicates that it could be about to undergo a bearish move.
The 4-hour Moving Average Convergence Divergence (MACD) also indicates that TON could be bearish as the MACD histogram has trended below the MACD zero line. Furthermore, both the MACD signal line and the MACD line have crossed and are moving towards the MACD zero line, and there is a possibility of a break below it.
On the 1-day timeframe, it can also be observed that the TON price is showing bearish signs as it attempts to move towards the 100-day SMA.
Given that the MACD histogram is trending below the MACD zero line, the 1-day moving average convergence divergence suggests a possible bearish trend ahead. Both the MACD line and the MACD signal line have crossed and are moving towards the zero line, as seen on the 4-hour timeframe.
From TON’s previous price action, it can be seen that it has successfully created some higher highs and lower lows, which are key points in determining its next destination.
Currently, the main resistance level is $7.677, and the two main support levels are $4.688 and $3.34. If the TON price continues to fall and breaks below the $4.688 support, it could drop further to test the $3.34 support level.
However, if it fails to break through the $4.688 level, it will continue its upward trend until the $7.677 resistance level. If the price breaks through this resistance level, it may rise further and hit a new high.
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