TON Long???

📈 Price Action Overview:
Asset: USDT Pair (Exact asset not specified, assuming it's a crypto token)

Current Price: ~$2.99

Previous High: ~$4.08

Swing Low: ~$2.36

🔍 Chart Patterns & Structure:
Rising Wedge (Bearish Breakdown)

Formed after the impulsive rally from $2.36 to $4.08.

Price broke down from the wedge, confirming bearish sentiment and starting a corrective phase.

Descending Triangle / Falling Wedge (Potential Reversal)

Price consolidating around the $2.8 - $3.0 region.

A slight bullish divergence seen (explained in RSI section).

🔢 Fibonacci Retracement Levels:
Drawn from swing low ($2.36) to swing high ($4.08):

0.236: $3.58

0.382: $3.31

0.5: $3.10

0.786: $2.65

1.0: $2.36 (full retracement)

Currently trading between 0.786 and 0.5 Fib zones, in a key support area.

🟣 Support & Resistance Zones:
Major Resistance:

$4.08 (swing high)

$3.58 - $3.60 (Fib 0.236)

Current Resistance:

$3.10 (Fib 0.5)

$3.31 (Fib 0.382)

Support Zone (highlighted purple):

$2.80 (horizontal support)

$2.65 (Fib 0.786)

$2.36 (previous low)

📊 RSI (Relative Strength Index):
Current RSI: 49.16 (Neutral zone)

Key Observation:

Bullish Divergence: RSI made higher lows while price made lower lows around April 7–12.

Trendline Support on RSI: An ascending trendline suggests building bullish momentum.

May hint at a short-term reversal or bounce.

🔮 Potential Scenarios:
Bullish Case:

Bounce from $2.8-$2.9 support area.

Break above $3.10 = likely push to $3.31 or higher.

RSI breaking above 50 would confirm bullish momentum.

Bearish Case:

Failure to hold above $2.80 support.

Breakdown toward $2.65 or even $2.36 (swing low).

RSI dipping below the rising trendline = loss of bullish strength.

✅ Conclusion:
Currently in a critical demand zone.

Early signs of a bullish reversal forming (thanks to RSI divergence).

If buyers hold $2.80 and push past $3.10, a short-term uptrend is likely.

Watch volume + RSI for confirmation.