Toncoin/TetherShort
TON could dip to $2.20
TONUSDT Toncoin (TON) has formed a descending triangle pattern, which is typically bearish. However, there is a positive sign for buyers as the price has been trading near the resistance line of the triangle for the past few days. The bulls will attempt to drive and sustain the price above the resistance line, which would invalidate the bearish setup.
When a negative pattern breaks down, it usually results in an up-move because aggressive traders who had taken short positions in anticipation of a decline cover their positions, and bullish traders who had stayed on the sidelines due to the negative setup jump in to buy. If the TON/USDT pair rallies above the resistance line, it could reach $2.64 and then $2.90. This positive view will become invalid if the price turns down and drops below $2.20.
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