Earlier this month, Toncoin found support and started to increase after undergoing a short correction in April. That increase brought a full price recovery but it appeared to be rolling back following this bearish pattern.

From $7.6 during last month crypto clampdown, TON took a sharp downturn and slowly declined until the price closed at exactly $5 – a 30% loss in two weeks. 

The bears reiterated actions and dipped the price to $4.6 on the first day of this month. Holding that price level as monthly low, the asset bounced back and started to regain momentum. But unfortunately, it halted buying after failing to sustain momentum above the $7.51 level.

Following a sharp rejection, it lost grip above the $7 level and dipped to where it currently trades at $6.39. Looking at the setup, which looks like a double-top formation on the daily chart, we may see a roll back to the monthly low if it plays out.

A solid rebound from that low could trigger a fresh swing high to bring the bulls back in the market. Otherwise, the crypto may breakdown to extend bearishness to $3.5, where another key support level lies. More dips are expected!

In the near future, the immediate support level to consider for drop is $5.93. If this support fails to suppress selling pressure, the next level to keep in mind is $5.27, followed by the monthly $4.6 low. 

Currently, there’s no signs of an increase. But if TON locates a solid ground above the immediate support, the resistance level to watch for a rebound is $6.76. Pushing above this level could bring the price back to $7.51 before breaking higher.

Key Resistance Levels: $6.76, $7.51, $8

Key Support Levels: $5.93, $5.27, $4.6

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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