TON Decreased by 1% Today in Continuation of the Monthly Drawdown

TON decreased by 1% today in continuation of the monthly drawdown, but it is still trading in the buying zone on the monthly timeframe.

Cryptocurrency prices continue to fluctuate as the market experiences both gains and losses. Among the cryptocurrencies that have seen a decline today is TON, which fell by 1%.

However, despite the drop, TON is still trading within the buying zone on the monthly timeframe. A drop below the May low could lead to significant selling pressure next week.

After rallying 3x to nearly $8.3 over five months, TON achieved a significant milestone last month. However, the price encountered resistance at that level and pulled back.

Despite attempts to rally again, the crypto faced another setback and failed to sustain pressure higher due to a rejection.

The price began to show signs of weakness on the daily timeframe earlier this month and has been declining steadily. Over the past week, the market has experienced a continuous drop without any pullbacks, though Friday's attempt was quickly countered.

Currently, the price is breaking lower from a brief consolidation phase and is heading toward the $6 support, which the price briefly fell to in May. Failure to rebound from this support could lead to further breakdowns.

In the absence of the bulls, if they were to return, we could see a slight retracement to $7 before breaking higher on the daily timeframe.

While most altcoins are attempting to rebound from recent lows, TON is posting a loss and could continue to decline if the bulls fail to intervene in the ongoing bearish market.

Key Levels to Watch for TON

On the upside, the current retracement level to watch for an increase is $7.09. Following that, we have the $7.65 resistance level. If the price breaks higher, the $8.2 level would be the next major resistance to watch for a breakout.

On the downside, a drop below the sell target level could bring us to the $5.27 support. The $4.6 level is the main support to watch for a breakdown.

Important Note: This piece is not intended to provide investment or trading advice. Before making any cryptocurrency purchases or project investments, conduct thorough research.

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