Toncoin (TON) Forms Double Top Pattern, Bearish Or Bullish?

Toncoin
serves
as
the
native
token
of
the
TON
ecosystem
and
has
multiple
use
cases.
The
token
like
other
native
tokens
such
as


Solana

(SOL)
and


Ethereum

(ETH)
has
been
doing
well,
as
it
experienced
a
notable
price
rise,
especially
with
the
launch
of


Notcoin

(NOT)
recently. 

Based
on
TON’s
past
price
movements,
the
token
has
successfully
formed
a
Double-Top
chart
pattern,
which
is
typically
followed
by
a
price
decline.
With
a
10%
decrease
in
the
past
day’s
trading
volume
to
$152
million
the
price
of
TON
is
indicating
a
bearish
trend.

In
the
last
24
hours,
TON
was
around
-0.39%
down
with
a
market
capitalization
of
about
$15,52
billion
and
the
price
was
trading
around
$6.44.
TON,
at
the
moment,
is
trading
above
the
1-day
Simple
Moving
Average
(SMA),
but
in
the
4-hour
time
frame,
it
is
trading
below
the
range.

Technical
Indicators
Point
Toward
Sustained
Downtrend
For
TON

From
the
4-hour
time
frame,
the
price
of

TON
is
trading
below
the
100-day
simple
moving
average,
which
is
a
clear
sign
that
it
might
be
poised
for
a
bearish
movement.

The
4-hour
Moving
Average
Convergence
Divergence
(MACD)
also
signals
that
TON
might
move
bearishly
as
the
MACD
histograms
are
already
trending
below
the
MACD
zero
line.
In
addition,
both
the
MACD
signal
line
and
the
MACD
line
have
crossed
and
are
heading
towards
the
MACD
zero
line
of
which
there
is
a
possibility
they
might
move
below
it.

On
the
1-day
time
frame, 
it
can
also
be
observed
that
the
price
TON
is
showing
signs
of
going
bearish
as
it
is
attempting
to
move
toward
the
100-day
SMA.

Given
that
the
MACD
histograms
are
trending
below
the
MACD
zero
line,
the
1-day
Moving
Average
Convergence
Divergence
suggests
a
possible
bearish
trend
ahead.
Both
the
MACD
line
and
the
MACD
signal
line
have
crossed
and
are
moving
towards
the
direction
of
the
zero
line,
as
seen
in
the
4-hour
timeframe.

Crucial
Points
To
Determine
Next
Move

From
TON’s
previous
price
action,
it
can
be
observed
that
it
has
managed
to
create
some
highs
and
lows,
which
are
key
points
in
determining
its
next
destination. 

Currently,
there
is
one
major
resistance
level
of
$7.677
and
two
major
support
levels
of
$4.688
and
$3.34.
If
the
price
TON
continues
to
move
downward
and
breaks
below
the
support
level
at
the
$4.688
mark,
it
might
move
even
further
to
test
the
$3.34
support
level.

However,
if
it
fails
to
break
below
the
$4.688
level,
it
will
continue
in
its
upward
trend
toward
the
$7.677
resistance
level.
Should
the
price
break
above
this
resistance
level,
it
might
move
even
further
to
create
a

new
high.

Featured
image
from
Pinterest,
chart
from
Tradingview.com