The price of Toncoin (TON) could fall further as it hits resistance at $5.72. On November 6, TON experienced an upward correction as the price broke above the moving average lines.
Long-term forecast for the TON price: bearish
However, buyers were unable to continue the upward momentum above the moving average lines, which led to the decline. During the current decline, the price of the cryptocurrency has made a series of lower highs and lower lows. The altcoin has pulled back above the moving average line. The uptrend will continue if the price remains above the 50-day moving average line.
TON will rise and break through the resistance at $5.80 and $6.00. However, if the bears break below the moving average lines, TON will fall and retrace to the previous low of $4.50. At the time of publication, TON was trading at $5.21.
TON indicator analysis
The price of the cryptocurrency declined and found support above the 50-day SMA. The price movement will differ depending on whether the cryptocurrency holds the 50-day SMA or falls below it. If TON loses support from the 50-day SMA, it will fall to a low above the 21-day SMA. This will lead to further depreciation of the altcoin. The uptrend will continue as long as the price bars are above the moving average lines.
Technical Indicators
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
What is the next move for Toncoin?
TON is trending sideways on the 4-hour chart. The altcoin is trading above the $5.10 support but below the $5.60 resistance level. It is currently trapped between the moving average lines. TON will fall if the price drops below the 50-day SMA support. The cryptocurrency’s decline will continue to the low of $4.50.
Coinidol.com reported on November 8 that Toncoin was in a downtrend, although the slide paused above the $4.50 support.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
