Looking at TON here and I'm seeing some interesting developments that caught my attention. We've been in this brutal downtrend since the November highs around $7, but the price action in this current zone is telling a different story.
The Setup:
Price has been getting absolutely hammered from that strong supply zone I've marked around $6.50-7.00. Every bounce into that area got sold hard, which is classic distribution behavior. But now we're sitting in what I believe is a critical accumulation zone between $2.50-3.50.
What I'm Watching:
The multiple trend line breaks and retests suggest we might be building a complex bottom here. That descending wedge pattern is textbook - these usually resolve to the upside, especially when you're this oversold on higher timeframes.
The fact that we're holding above the $2.50 psychological level despite all the selling pressure is actually pretty bullish. Smart money doesn't let good projects stay this beaten down forever.
My Take:
I'm cautiously optimistic here. The risk/reward is starting to favor the bulls if you're thinking longer term. That green arrow I've drawn isn't just wishful thinking - the technical setup supports a potential move back toward the $5-6 range over the coming months.
Risk Management:
Obviously this could still leg down further. Crypto markets are brutal and TON isn't immune to broader market weakness. But if Bitcoin cooperates and we start seeing some alt season momentum, this looks like it could be one of the better setups.
Not financial advice, just sharing my chart reading. Always size your positions appropriately.
The Setup:
Price has been getting absolutely hammered from that strong supply zone I've marked around $6.50-7.00. Every bounce into that area got sold hard, which is classic distribution behavior. But now we're sitting in what I believe is a critical accumulation zone between $2.50-3.50.
What I'm Watching:
The multiple trend line breaks and retests suggest we might be building a complex bottom here. That descending wedge pattern is textbook - these usually resolve to the upside, especially when you're this oversold on higher timeframes.
The fact that we're holding above the $2.50 psychological level despite all the selling pressure is actually pretty bullish. Smart money doesn't let good projects stay this beaten down forever.
My Take:
I'm cautiously optimistic here. The risk/reward is starting to favor the bulls if you're thinking longer term. That green arrow I've drawn isn't just wishful thinking - the technical setup supports a potential move back toward the $5-6 range over the coming months.
Risk Management:
Obviously this could still leg down further. Crypto markets are brutal and TON isn't immune to broader market weakness. But if Bitcoin cooperates and we start seeing some alt season momentum, this looks like it could be one of the better setups.
Not financial advice, just sharing my chart reading. Always size your positions appropriately.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.