1. Price Action and Trend Analysis
• Current Price and Movement: The current price of TONUSDT is 3.2440, down by 2.72% (as shown in the header). The chart shows a recent decline from a high of around 3.58777 (marked on the chart).
• Trend: The price appears to be in a downtrend after hitting a peak. However, the chart also shows a potential ascending triangle pattern (a bullish continuation pattern) with higher lows forming around the 2.35877 and 2.65256 levels and a resistance zone between 3.1010 and 3.24439 (highlighted in purple).
• Key Levels:
• Support: Around 2.35877 to 2.65256 (previous lows and the lower trendline of the ascending triangle).
• Resistance: The purple zone between 3.1010 and 3.24439, which the price is currently testing.
• Recent High: 3.58777 (a potential target if the price breaks above resistance).
• Recent Low: 2.35877 (a critical support level if the price continues to decline).
2. Volume Analysis
• The chart includes volume bars at the bottom, but they are not explicitly labeled. Generally, in a pattern like an ascending triangle, you’d want to see increasing volume on upward moves (indicating buying pressure) and decreasing volume on pullbacks (indicating lack of selling pressure). From the chart, volume appears relatively stable, with no significant spikes, suggesting a lack of strong momentum in either direction at the moment.
3. Indicators
• Relative Strength Index (RSI): The RSI is shown in the lower panel, currently at 41.01.
• RSI below 50 indicates bearish momentum, but it’s not yet in oversold territory (below 30). This suggests the price could still decline further before a potential reversal.
• The RSI has been trending downward recently, aligning with the price decline from the 3.58777 high.
4. Pattern Analysis: Ascending Triangle
• The chart shows an ascending triangle pattern, which is typically a bullish continuation pattern:
• Higher Lows: The price has formed higher lows at 2.35877, 2.65256, and 2.80841, indicating buyers stepping in at higher levels.
• Flat Resistance: The price has repeatedly tested the resistance zone around 3.1010 to 3.24439 but failed to break above it decisively.
• Implication: If the price breaks above the 3.24439 resistance with strong volume, it could target the recent high of 3.58777 or higher. The potential target for an ascending triangle breakout is often calculated by measuring the height of the triangle (from the base to the top) and projecting it upward from the breakout point:
• Height of triangle: Approximately 3.24439 - 2.35877 = 0.88562.
• Potential target if breakout occurs: 3.24439 + 0.88562 ≈ 4.13001.
5. Liquidity Levels
• The chart marks liquidity levels with numbers in parentheses, such as (3.58777), (2.80841), etc. These likely represent stop-loss or take-profit levels where liquidity might be clustered:
• Above the current price (e.g., 3.58777), there may be sell-stop orders or take-profit levels from short positions.
• Below the current price (e.g., 2.35877), there may be buy-stop orders or stop-loss levels from long positions.
• The price often moves toward these liquidity zones to “hunt” stops before reversing, so a drop below 3.1010 could target the 2.80841 or 2.65256 levels.
• Current Price and Movement: The current price of TONUSDT is 3.2440, down by 2.72% (as shown in the header). The chart shows a recent decline from a high of around 3.58777 (marked on the chart).
• Trend: The price appears to be in a downtrend after hitting a peak. However, the chart also shows a potential ascending triangle pattern (a bullish continuation pattern) with higher lows forming around the 2.35877 and 2.65256 levels and a resistance zone between 3.1010 and 3.24439 (highlighted in purple).
• Key Levels:
• Support: Around 2.35877 to 2.65256 (previous lows and the lower trendline of the ascending triangle).
• Resistance: The purple zone between 3.1010 and 3.24439, which the price is currently testing.
• Recent High: 3.58777 (a potential target if the price breaks above resistance).
• Recent Low: 2.35877 (a critical support level if the price continues to decline).
2. Volume Analysis
• The chart includes volume bars at the bottom, but they are not explicitly labeled. Generally, in a pattern like an ascending triangle, you’d want to see increasing volume on upward moves (indicating buying pressure) and decreasing volume on pullbacks (indicating lack of selling pressure). From the chart, volume appears relatively stable, with no significant spikes, suggesting a lack of strong momentum in either direction at the moment.
3. Indicators
• Relative Strength Index (RSI): The RSI is shown in the lower panel, currently at 41.01.
• RSI below 50 indicates bearish momentum, but it’s not yet in oversold territory (below 30). This suggests the price could still decline further before a potential reversal.
• The RSI has been trending downward recently, aligning with the price decline from the 3.58777 high.
4. Pattern Analysis: Ascending Triangle
• The chart shows an ascending triangle pattern, which is typically a bullish continuation pattern:
• Higher Lows: The price has formed higher lows at 2.35877, 2.65256, and 2.80841, indicating buyers stepping in at higher levels.
• Flat Resistance: The price has repeatedly tested the resistance zone around 3.1010 to 3.24439 but failed to break above it decisively.
• Implication: If the price breaks above the 3.24439 resistance with strong volume, it could target the recent high of 3.58777 or higher. The potential target for an ascending triangle breakout is often calculated by measuring the height of the triangle (from the base to the top) and projecting it upward from the breakout point:
• Height of triangle: Approximately 3.24439 - 2.35877 = 0.88562.
• Potential target if breakout occurs: 3.24439 + 0.88562 ≈ 4.13001.
5. Liquidity Levels
• The chart marks liquidity levels with numbers in parentheses, such as (3.58777), (2.80841), etc. These likely represent stop-loss or take-profit levels where liquidity might be clustered:
• Above the current price (e.g., 3.58777), there may be sell-stop orders or take-profit levels from short positions.
• Below the current price (e.g., 2.35877), there may be buy-stop orders or stop-loss levels from long positions.
• The price often moves toward these liquidity zones to “hunt” stops before reversing, so a drop below 3.1010 could target the 2.80841 or 2.65256 levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.