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

Toncoin (TON) Price Analysis Reveals Potential 45% Correction

Toncoin (TON) is at a crossroads, facing a potential 45% correction, according to crypto analyst Ali (@ali_charts). Concerns arise as the token's price slides below the crucial $4.70 support level.

Bearish Head and Shoulders Pattern Signals Downtrend

Ali's technical analysis reveals a bearish Head and Shoulders pattern on TON's 3-day chart. Typically, this pattern suggests that a decline may continue once the right shoulder is formed.

The pattern's neckline at $4.70 has been breached, indicating a loss of support. TON currently trades below this level, fueling investor concerns. Failure to regain $4.70 could extend the downtrend.

Fibonacci Retracement Highlights Key Price Targets

Ali utilizes Fibonacci retracement levels alongside the Head and Shoulders pattern to identify potential support and resistance areas.

TON has fallen below the neckline and 0.786 Fibonacci retracement level at $4.67, reinforcing the bearish outlook. Key Fibonacci extension levels suggest potential downside targets of $3.99, $3.68, $3.28, and $2.63, representing a 45% correction from the current price.

Downside Risks Increase

Ali emphasizes the significance of the $4.70 support level. Without a recovery above this point, TON could face a severe correction.

Traders should monitor whether TON can regain support or continue its descent towards lower support levels.