TONCOIN PRICE ANALYSIS & PREDICTION (March 3) – TON Stays Above $3 Amid Low Volatility But Posted Minor Gains Today
Last week, TON went through a short consolidation after bouncing off the monthly low. But things have drastically changed this week as the crypto continued to show signs of weakness following a 7% weekly drop.
Ton advanced bearish this week and continued to show signs of weakness as it sees a double-digit loss in the past weeks of trading. Interestingly, the $3 level held well on Friday due to a rejection and the price retraced briefly.
The price remains weak on the day, but trading supply appears low at the time of writing. An increase in the supply level could cause more drops.
Looking back from where it started to drop two months ago, the price looks overstretched on the daily timeframe. A drop off the monthly low would confirm a continuation and, at the same time, position the market in a more bearish condition.
Currently, there’s no room for buying. If the bulls show up, we may see a short retracement towards $5 before sliding back. A retracement above this level could bring a substantial gain. The $7.3 high remains a key level to watch for a complete reversal if the price increases.
However, it is important to note that the crypto is still in a downtrend. It must retake the previous monthly high before we can consider a potential reversal. For now, the bears are still in charge.
TON’s Key Level to Watch
We can expect another breakdown if TON advances are bearish in the coming week. The next price levels to watch for such a dip would be $3.1 and $2.91. The lower level for drops would be $2.5.
While anticipating a retracement, the immediate resistance level to keep in mind is $3.9. Retracing higher, the level to watch on the way up is $4.45 and $4.95.
Key Resistance Levels: $3.9, $4.45, $4.95
Key Support Levels: $3.1, $2.91, $2.5
- Spot Price: $3.51
- Trend: Bearish
- Volatility:Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
