We know it is going down so we don't need to speculate on price direction. We can look at signals and technical analysis supporting this bias, but we already know it based on what has been happening.
➢ How to approach this pair?
➢ What would you do if you were holding a ton of Toncoin?
We have a volume breakout. Yesterday, TONUSDT produced the highest bearish volume in more than three weeks. This was a bearish day so red volume; selling. This confirms and further reinforces the downtrend and bearish bias we are seeing on the chart.
Even if I were a long-term holder, even if my intention is to build a very strong and big position on Toncoin, I would sell. I would sell as much as possible with the intention of buying again when prices are lower. Why? Because the recovery tends to last a long time. When the crash happens and prices become lower, we always tend to think, "I should have sold when prices were up." Knowing this, I would personally sell when prices are high to buy again when prices are low.
Other situations also call for selling when prices are high. Don't get me wrong, we love the project, we love the market and we love Crypto, but we read the chart. We write for traders or people who intend to trade. Sell before a drop, buy before a rise.
➖ Toncoin is aiming lower and has been dropping since June 2024. The drop is not over, and the chart is saying that it can easily print another low. A new low, a lower low and a major low. We can soon see TONUSDT trading around $2 which is more than 50% below the current price.
This is just my experience and a friendly reminder, not to be construed as financial advice.
I am wishing you success.
You are special and you deserve the best. Regardless of what anybody says. So, get your things straight and do whatever you need to do to protect your capital before the correction ends.
Thank you for reading.
Namaste.
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