Technical analysis of Toncoin ($TON) by analyst Ali (@ali_charts) indicates a possible price drop to the support level of $1.90. The recent post has sparked discussions among traders.
Technical Analysis of Toncoin
In a recent post on X, analyst Ali (@ali_charts) shared a technical chart of Toncoin highlighting a descending triangle pattern. This formation, commonly seen in technical analysis, often precedes price declines. The analysis suggests that Toncoin could be drawn to a support level of $1.90.
Price Predictions and Market Dynamics
The descending triangle is formed by lower highs and a flat support line, which is typically bearish. A 2023 study published in the Journal of Finance indicates 68% accuracy for such patterns in crypto markets. According to CoinGecko, Toncoin has experienced a 3.2% price decline over the past 24 hours, while trading volume has surged by 46.5% to $154.7 million.
Trader Recommendations
The analysis implies that current market trends could lead to a breakout below the support level. While long-term forecasts, such as a 323.28% growth for Toncoin according to CoinCodex, suggest potential, short-term bearish signals should not be overlooked. Traders are advised to closely monitor volume trends and key moving averages, including the 50-day SMA, for confirmation of signals.
Ali's analysis provides traders with crucial information regarding the potential volatility of Toncoin in the upcoming days, making it a significant element in assessing market conditions.
