Combined Analysis of TONUSDT.P
Daily Time Frame (1D)
Current Price: 6.912
Last Doji High: 7.050
Last Doji Low: 6.547
Support Level: 6.276
Broken Resistance: 6.486
Average Price Change: 2.7%
4-Hour Time Frame (4H)
Current Price: 6.912
Bollinger Bands (BB): Lower Band: 6.084, Middle Band: 6.533, Upper Band: 6.982
Support Level: 6.707
Resistance Level: 7.042
Last Overbought: 2nd June, 2024, when the price was above 6.32
Analysis
1. Price Position and Trend Analysis
Daily Time Frame: The current price of 6.912 is above the last doji low (6.547) and below the last doji high (7.050). This suggests the market is within a consolidation phase with a potential for either direction. The support at 6.276 and the recently broken resistance at 6.486 provide critical levels to watch.
4-Hour Time Frame: The price is near the upper Bollinger Band (6.982), indicating potential overbought conditions. The support at 6.707 and resistance at 7.042 are crucial for short-term movements.
2. Support and Resistance Levels
Daily Support: 6.276
4-Hour Support: 6.707
Daily Broken Resistance: 6.486 (now acting as support)
4-Hour Resistance: 7.042
3. Momentum and Volatility
Bollinger Bands: The BB range (6.084 to 6.982) in the 4-hour timeframe suggests moderate volatility. The current price being near the upper band indicates potential for a pullback unless strong upward momentum is sustained.
Average Price Change: 2.7% provides a measure of expected daily volatility, indicating significant movement potential within these levels.
4. Historical Context
Last Overbought Condition: On 2nd June, 2024, the price was overbought above 6.32. Given the current price is 6.912, this indicates the market has been in an uptrend since early June.
Conclusion
Bullish Factors: The current price above both the 4-hour support (6.707) and the broken daily resistance (6.486) indicates bullish sentiment. The upward movement from the overbought level of 6.32 in early June to the current price suggests a strong bullish trend.
Bearish Factors: The price near the upper Bollinger Band in the 4-hour timeframe suggests a potential for a short-term pullback. The key resistance level at 7.042 on the 4-hour chart needs to be broken for continued upward momentum.
Strategic Considerations
For Bulls: Monitor for a breakout above the 4-hour resistance at 7.042 for potential entry points. Watch the support levels at 6.707 and 6.486 for possible buy-in opportunities if the price retraces.
For Bears: Look for rejection or reversal signals around the resistance at 7.042. A break below the 4-hour support at 6.707 could signal a short-term pullback to the next support at 6.486 or lower.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Trading cryptocurrencies involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions.
Current Price: 6.912
Last Doji High: 7.050
Last Doji Low: 6.547
Support Level: 6.276
Broken Resistance: 6.486
Average Price Change: 2.7%
4-Hour Time Frame (4H)
Current Price: 6.912
Bollinger Bands (BB): Lower Band: 6.084, Middle Band: 6.533, Upper Band: 6.982
Support Level: 6.707
Resistance Level: 7.042
Last Overbought: 2nd June, 2024, when the price was above 6.32
Analysis
1. Price Position and Trend Analysis
Daily Time Frame: The current price of 6.912 is above the last doji low (6.547) and below the last doji high (7.050). This suggests the market is within a consolidation phase with a potential for either direction. The support at 6.276 and the recently broken resistance at 6.486 provide critical levels to watch.
4-Hour Time Frame: The price is near the upper Bollinger Band (6.982), indicating potential overbought conditions. The support at 6.707 and resistance at 7.042 are crucial for short-term movements.
2. Support and Resistance Levels
Daily Support: 6.276
4-Hour Support: 6.707
Daily Broken Resistance: 6.486 (now acting as support)
4-Hour Resistance: 7.042
3. Momentum and Volatility
Bollinger Bands: The BB range (6.084 to 6.982) in the 4-hour timeframe suggests moderate volatility. The current price being near the upper band indicates potential for a pullback unless strong upward momentum is sustained.
Average Price Change: 2.7% provides a measure of expected daily volatility, indicating significant movement potential within these levels.
4. Historical Context
Last Overbought Condition: On 2nd June, 2024, the price was overbought above 6.32. Given the current price is 6.912, this indicates the market has been in an uptrend since early June.
Conclusion
Bullish Factors: The current price above both the 4-hour support (6.707) and the broken daily resistance (6.486) indicates bullish sentiment. The upward movement from the overbought level of 6.32 in early June to the current price suggests a strong bullish trend.
Bearish Factors: The price near the upper Bollinger Band in the 4-hour timeframe suggests a potential for a short-term pullback. The key resistance level at 7.042 on the 4-hour chart needs to be broken for continued upward momentum.
Strategic Considerations
For Bulls: Monitor for a breakout above the 4-hour resistance at 7.042 for potential entry points. Watch the support levels at 6.707 and 6.486 for possible buy-in opportunities if the price retraces.
For Bears: Look for rejection or reversal signals around the resistance at 7.042. A break below the 4-hour support at 6.707 could signal a short-term pullback to the next support at 6.486 or lower.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Trading cryptocurrencies involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.