TON Technical Analysis: Potential Long Entry After Resistance Test 10/5/24

On the 4-hour timeframe, TON exhibited rapid growth amid recent news, reaching the resistance zone at $6.88. A slight correction is anticipated following this resistance test, with further upward movement expected thereafter.

For long positions, a correction to the $6.4 – $6.3 zone is awaited. This area presents a potential entry point for long positions, facilitating the removal of accumulated liquidity before a continuation of the uptrend.

Conversely, short positions may be considered if TON breaks below the strong support zone at $6 and consolidates below it. A retest of this zone could serve as a suitable entry point for short positions, with the expectation of further downside movement.

Traders should monitor price action closely to confirm entry and exit points, considering both bullish and bearish scenarios in their trading strategies.

This analysis underscores the importance of adapting to market conditions and utilizing key support and resistance levels for informed decision-making in trading TON.

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