$TON / USDT โ Consolidating Near Resistance โ Breakout Imminent? ๐ค
$TON / USDT is currently trading at $3.118, showing a slight decrease of -0.76% today. Looking at the 4-hour chart, we can see the price has been consolidating in a tight range just below the recent high of $3.219.
๐ง Potential Trading Scenarios:
* Resistance Level: The $3.20 - $3.22 area is acting as a clear resistance level.
* Consolidation Pattern: The sideways movement near resistance often suggests potential accumulation before a breakout.
* Support Level: The $3.08 - $3.10 zone appears to be providing short-term support.
๐ Potential Long Entry (On Breakout): A decisive break above the $3.22 level with increasing volume could signal a strong bullish move. Consider entering long on the breakout, targeting higher resistance levels. Place a stop loss below the breakout point.
๐ Potential Long Entry (On Support Hold): If the price continues to consolidate above the $3.08 - $3.10 support, a long entry with a stop loss below this support could target a retest of the $3.22 resistance and a potential breakout.
๐ Potential Short Entry (If Resistance Holds): If the price rejects the $3.22 resistance again and shows strong bearish momentum, a short entry targeting the $3.10 support could be considered. A break below $3.10 might lead to further downside.
โ ๏ธ Outlook:
$TON / USDT is in an interesting position, consolidating near a significant resistance level. The likelihood of a breakout is increasing the longer it stays in this range. Monitor volume and price action closely for confirmation of the next move. Always manage your risk effectively.
TONUSDT ยท Binance
3.118 -0.002 (-0.06%) (based on the last 4 hours)
