Expert Warns Against Buying Toncoin Now, Shares Key TON Price Levels To Watch

Top crypto analyst, Crypto_Jobs, has issued a warning against buying Toncoin (TON) due to its current bearish trend. Through a tweet, the analyst highlighted the potential risks associated with the uncertainty surrounding the TON network.

According to Crypto_Jobs, Toncoin has experienced a decline, dropping by as much as 40%. He notes that TON could face further downward pressure soon.

TON's Trendline Breakdown Signals Bearish Sentiment

The analysis provided by Crypto_Jobs focuses on Toncoin's daily price action, highlighting a shift from bullish to bearish sentiment. Initially, Toncoin had followed an upward trendline, indicating positive momentum.

However, this trendline eventually broke down, signaling a reversal in market sentiment. The price attempted to recover but faced resistance at a descending trendline, forming a bearish continuation pattern known as a descending triangle.

The breakdown below this pattern's lower boundary triggered a sell-off, solidifying the bearish outlook.

Key TON Price Levels to Monitor

Crypto_Jobs identified several critical support and resistance levels for Toncoin. The price encountered resistance at the $7.70 level, which aligns with both horizontal resistance and the descending trendline.

Support is located at $6.15 and $6.00, corresponding to previous horizontal support zones and key psychological thresholds.

If these levels fall through, $5.60, $5.10, and $4.80 represent the following levels of support. The analyst has identified a lower support level of approximately $4.60, with an extended target of $3.80. This level could act as a potential price floor if the bearish momentum persists.

Bearish Momentum and Potential Further Decline

The analysis indicates a strong bearish momentum for Toncoin. The inability to reclaim previous highs, coupled with the rejection at the descending trendline, suggests that sellers are currently in control.

Crypto_Jobs has projected a potential further decline, with the $6.00 region being a key level to watch. If this support level is breached, Toncoin could see its price fall toward $5.10 and $4.80, aligning with the analyst's cautionary stance.