TON faces resistance, Downward bias remains

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Technical analysis & market mechanics

• Shorts were liquidated at $4.08, triggering a sharp sell-off - this level now acts as a key resistance and sell zone.
• TON has broken below local support at $3.50-$3.00, confirming downside momentum.
• $2.90 is the next key downside target - a structural level likely to be tagged given current bearish flow.
• RSI was previously overbought and has now reset back to neutral, validating the short bias and direction.
• If the price moves into $2.90, we anticipate a bounce that sets up a lower high formation.
• Lower high is expected to form between $3.53-$3.62, with potential extension back into $3.790.
• Price action is uncorrelated to the broader market
• Bearish volume is confirming continuation, with little sign of buyer absorption on the way down.
• Short-term trendlines are likely to act as resistance during any relief bounce, aligning with the anticipated lower high zone.

• Next Support: $2.900
• Next Resistance: $3.790
• Direction: Bearish
• Upside Target: $3.790
• Downside Target: $2.000

Cryptonary's take

We expect TON to trade lower into $2.90, where a short-term bounce is likely to develop. This bounce would give us the opportunity to capitalize on a lower high forming into our trade zone at $3.53, $3.62, and $3.79.

Shorts were liquidated at $4.08, and the price has since sold off heavily - this zone now marks a high-conviction short opportunity on retest. The direction is clear: push lower into $2.90, bounce, and then roll over again from resistance. We will execute once the price enters our trade zone and confirms the lower high.