Renowned crypto analyst Crypto_Jobs has issued a warning against buying Toncoin amidst its current bearish trend. In a tweet, the analyst emphasized the potential risks tied to the ongoing uncertainty surrounding the TON network.
TON's Bearish Trend
According to Crypto_Jobs, the price of Toncoin has experienced a decline of up to 40%. The analyst notes that TON could face further downward pressure soon.
Key TON Price Levels
Crypto_Jobs' analysis 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. 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.
Potential Further Decline
The overall analysis indicates strong bearish momentum for Toncoin. The inability to reclaim previous highs, coupled with 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.
Analysts advise caution when considering investment decisions regarding Toncoin, given its current market situation and potential downward trend.
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