Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
In today's blog we will do the technical analysis for ton token. Ton has been one of the recent players which got famous for being the native blockchain for telegram ecosystem. It also attracted the eyes for being the blockchain that brought the trend of tap to earn games to this world which I know is already over but still it was one of the biggest trend last year which will be remembered.
Let us have a look at the ton token chart for 1D time frame.
There I have created a trendline that has been a strong support/ resistance for ton token. Initially we can see that it has acted as a strong resistance and now that same trendline is also acting as support for ton token. I have marked the chart below with rejections shown via arrows.
Now as we can see that ton token initially rejected for almost three times from this resistance line and not only this when it broke this resistance we saw it pumping massively by 188% over the period of 97 days after which the price started the downtrend as you can also see in the screenshot below.
Now let us create the second trendline which is now going to be the resistance for ton token as the resistance earlier is already confirmed as a support line for us. You can have a look at the chart below where I have shared it.
Now, as ton is able to stay above it's major support line we can safely assume and see ton token going to the new resistance line which is at 4.7 dollars. It is roughly a pump of 56% for ton token which it must achieve to reach that resistance line and if ton breaks that I think it can test the third resistance line which is tested four times over the period of 237 days.
Only after these two resistance lines are broken we can expect ton token to hunt for it's new all time high above 8.3 USD which is currently the all time high for ton token. I am not here giving any financial adivise and these are just my analysis based on a little knowledge I have about the charts. I just try to share them here as I can learn more by doing so.
Thank You