This Crypto Trader Warns of 45% Toncoin (TON) Price Correction

2024-9-5 18:30

Toncoin (TON) is at a pivotal moment as it faces a potential 45% correction, according to an analysis by crypto analyst Ali (@ali_charts). There are worries that the price of the token may fall even lower now that it has fallen below the crucial $4.70 support level. 

As per Ali’s chart, which shows a bearish Head and Shoulders pattern, TON may see a sharp decline towards $2.60 if it is unable to regain its support.

#Toncoin needs to reclaim the $4.70 support level soon. If $TON fails to do so, a 45% correction down to $2.60 could be likely. pic.twitter.com/Jv0V47sXjQ

— Ali (@ali_charts) September 4, 2024 TON’s Pattern Signals Bearish Outlook

The analysis presented by Ali highlights the formation of a Head and Shoulders pattern on the 3-day chart of Toncoin. Traditionally, this pattern is seen as a negative indicator, suggesting that once the right shoulder completes, prices may continue lower. 

The pattern’s neckline, which is at $4.70, has been broken, according to the chart. A breach of this level often suggests that the asset has lost a key area of support.

At present, TON is trading below this key level. Besides, the concern among traders is growing as the token struggles to regain the lost ground. Should TON fail to reclaim the $4.70 level, the bearish trend could extend further, aligning with the technical pattern’s typical outcome.

Fibonacci Levels Show Key Price Points

Fibonacci retracement levels are used in Ali’s analysis together with the Head and Shoulders pattern to offer further information about probable places of support and resistance. 

According to the chart, the price of TON has fallen below the neckline at $4.67, which is the 0.786 Fibonacci retracement level.  This failure to hold above $4.70 has led to a more bearish outlook.

Key Fibonacci extension levels suggest potential downside targets for TON. The support possibly emerge at $3.99, $3.68, and $3.28. The most extreme target lies at $2.63, a level that would mark a 45% correction from the current price.

.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} Celebrate Dogecoin and Make Big Gains with Doge2014!.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}

Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less –

Read also: How Will Ripple’s Protocol Help XRP Price Pump

Downside Risks Increase 

In his tweet, Ali emphasized the importance of the $4.70 support level for TON. The tweet warned that without a recovery above this point, the token could face a severe correction. 

With TON trading below $4.70, eyeing these key levels is crucial. Besides, keeping a watchful eye on whether the token can recover or whether it will continue its downward trajectory toward the next levels of support.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.

We recommend eToro Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post This Crypto Trader Warns of 45% Toncoin (TON) Price Correction appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price correction toncoin ton crypto ali token

price correction → Результатов: 126


Altcoins Turn Red As Market Goes Through A Price Correction, Bitcoin (BTC) Continues To Dominate Despite Warren Buffett Calling It A Gambling Device

As the weekend comes to an end, the market seems to be struggling. Most altcoins have seen much of the gains witnessed at the start of the weekend, go down, marking a price correction. The drop has however seen most find high support positions, validating the recent rally.

2019-5-5 09:29


Bitcoin’s 48 hours are done: BTC’s most important correction move has begun, but to what end?

Bitcoin’s recent price surge and its sudden correction were the center of speculation and many conspiracy theories. Some of these theories speculated that institutional buyers set long trades before the pump and that the correction that followed the pump was sparked by WikiLeaks’ Julian Assange, who sold 4,000 BTCs worth approximately $20 million.

2019-4-13 00:30