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<p><a href="https://captainaltcoin.com/expert-warns-against-buying-toncoin-now-shares-key-ton-price-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">Toncoin (TON)</a> is at a pivotal moment as it faces a potential 45% correction, according to an analysis by crypto analyst Ali (@ali_charts). There are worries that the price of the token may fall even lower now that it has fallen below the crucial $4.70 support level.&nbsp;</p>
<p>As per Ali’s chart, which shows a bearish Head and Shoulders pattern, TON may see a sharp decline towards $2.60 if it is unable to regain its support.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Toncoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Toncoin</a> needs to reclaim the $4.70 support level soon. If <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$TON</a> fails to do so, a 45% correction down to $2.60 could be likely. <a href="https://t.co/Jv0V47sXjQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Jv0V47sXjQ</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1831389010541081033?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 4, 2024</a>
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<h2 class="wp-block-heading" id="strong-ton-s-pattern-signals-bearish-outlook-strong"><strong>TON’s Pattern Signals Bearish Outlook</strong></h2>
<p>The analysis presented by Ali highlights the formation of a Head and Shoulders pattern on the 3-day chart of Toncoin. Traditionally, this pattern is seen as a negative indicator, suggesting that once the right shoulder completes, prices may continue lower.&nbsp;</p>
<p>The pattern’s neckline, which is at $4.70, has been broken, according to the chart. A breach of this level often suggests that the asset has lost a key area of support.</p>
<p>At present, <a href="https://www.coingecko.com/en/coins/toncoin" target="_blank" rel="noopener noreferrer nofollow">TON is trading</a> below this key level. Besides, the concern among traders is growing as the token struggles to regain the lost ground. Should TON fail to reclaim the $4.70 level, the bearish trend could extend further, aligning with the technical pattern’s typical outcome.</p>
<h2 class="wp-block-heading" id="strong-fibonacci-levels-show-key-price-points-strong"><strong>Fibonacci Levels Show Key Price Points</strong></h2>
<p>Fibonacci retracement levels are used in Ali’s analysis together with the Head and Shoulders pattern to offer further information about probable places of support and resistance.&nbsp;</p>
<p>According to the chart, the price of TON has fallen below the neckline at $4.67, which is the 0.786 Fibonacci retracement level.&nbsp; This failure to hold above $4.70 has led to a more bearish outlook.</p>
<p>Key Fibonacci extension levels suggest potential downside targets for TON. The support possibly emerge at $3.99, $3.68, and $3.28. The most extreme target lies at $2.63, a level that would mark a 45% correction from the current price.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/how-will-ripples-protocol-help-xrp-price-pump/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>How Will Ripple’s Protocol Help XRP Price Pump</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-downside-risks-increase-strong"><strong>Downside Risks Increase&nbsp;</strong></h2>
<p>In his tweet, Ali emphasized the importance of the $4.70 support level for TON. The tweet warned that without a recovery above this point, the token could face a severe correction.&nbsp;</p>
<p>With TON trading below $4.70, eyeing these key levels is crucial. Besides, keeping a watchful eye on whether the token can recover or whether it will continue its downward trajectory toward the next levels of support.</p>
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<p>The post <a href="https://captainaltcoin.com/this-crypto-trader-warns-of-45-toncoin-ton-price-correction/" rel="noopener noreferrer nofollow">This Crypto Trader Warns of 45% Toncoin (TON) Price Correction</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Crypto Trader Warns of 45% Toncoin (TON) Price Correction

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