After failing to advance bullish late last year, TON initiated drops and rolled back to a multi-month support level, where a major breakdown will likely occur. A stronghold there could bring a bounce back! Since the massive explosion in the first quarter of the year 2024, Ton’s price has remained well above $4.45. However, several attempts to slip below this price level have proven abortive as it holds as crucial support. But following the latest bearish setup, this support might get bridged any moment from now as the price trades around it for the fourth time. A breakdown from there should set the stage for a major loss in the mid-term capable of causing a 50% drop to refill the February 2024 gap. Such a drop will confirm the bearish (double-top) pattern forming on the weekly timeframe. This could bring a serious negative sentiment in the market, although a buyback is expected once the gap is refilled at $2.2. Considering the latest sell signal, there’s no room for the bulls. If by any chance they manage to defend the crucial support well, we can expect a short bounce before resuming bearish at full speed. Nonetheless, the bears are suggested to win the battle. TON’s Key Level to Watch Source: Tradingview The main key level to watch for a breakdown is $4. A further extension of the selling pressure could drive the price to the $3.32 level and lower. While there’s no room for buying at the moment, we may see a short bounce to $5 if the bulls react strongly to the latest drop. Meanwhile, the resistance above this price level is $5.66, followed by $6.5 and $7.2. Key Resistance Levels: $5.66, $6.5, $7.2 Key Support Levels: $4.45, $4, $3.32 Spot Price: $4.57 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ayupradhita / 123RF // Image Effects by Colorcinch
