TON has been shaping up interestingly, especially when focusing purely on the charts. The asset experienced a significant expansion of 300% to the upside, starting in mid-February and topping out around June. The price rallied from the $2 mark to a peak at $8, marking a huge expansion in a relatively short period.

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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During the summer, when we last analyzed it, TON had retraced into deeper pullback territory, now trading back down into the $4.750 region, a level that aligns enough with a 61.8% Fibonacci retracement. This Fibonacci level was tested during the week of September 2nd, with the asset wicking into this key price region. That area, which is around $4.750, slightly below the 50% retracement, has been well respected and remains a key demand zone.

Current playbook

• The $4.750 level has been well-defended and is an ideal level for accumulation, especially given the price action we've seen since its retracement from $8.
• The deeper pullback into this demand zone aligns with the 61.8% Fibonacci retracement, suggesting that TON is in a bit of an accumulation phase.

Short-term trend

• On the daily timeframe, TON has been trading within a short-term bearish trend. However, the $4.750 level has repeatedly held, hinting at the formation of a wedge pattern as pressure builds up, which, as we know, has been a strong formation across the board this cycle.

Potential targets

• The key level to watch for is $4.750. This level provided the foundation for a 72% move in May, making it a key area of support moving forward.

Risk management ( if you are looking to get exposed )

Spot accumulation

• Accumulate spot near the $4.750 level, always best to first look to capitalize with spot in these promising bullish enviorments.
• This setup offers a decent risk-to-reward ratio but doesn't qualify as one of the best opportunities in the market. While it's not the top play, it remains a solid opportunity with great potential.

Leverage

• If leveraging, scaling in at $4.750 with low leverage. View like a spot position but added exposure and of course utilise stop orders to protect capital.

Cryptonary's take

TON presents an interesting technical setup, particularly with its retracement into the $4.750 demand zone. While it doesn't stand out as one of the best opportunities in the entire market, it remains a solid asset with potential, especially if the $4.750 level holds.

With this level being responsible for significant moves in the past, it's worth keeping an eye on for short-term accumulation and potential upside, but with caution given the broader market and the current daily bearish trend.

While we do have a great report on this for its bullish case, we are not investing in this asset; this is purely for educational purposes. Before looking to get involved, do your own research.