Toncoin price analysis

Toncoin (TON) broke below the 61.8% Fibonacci retracement level of $1.98 on Oct. 12, but the bears could not capitalize on this weakness. The bulls purchased the dip and pushed the price back above $1.98 on Oct. 17. 

TON/USDT daily chart. Source: TradingView

The bears are trying to halt the recovery at $2.20, but a positive sign is that the bulls have not allowed the price to slip back below the moving averages. This suggests that the sentiment has turned positive and traders are buying the dips. 

If buyers kick the price above $2.20, the TON/USDT pair will complete a small inverted H&S pattern. The target objective of this setup is $2.47. This positive view will be invalidated if the price turns down and slumps below $1.89. 

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