Cryptocurrency analysts of Coinidol.com report, the price of Toncoin (TON) has been consistently hovering below the moving average lines since December 9.
Toncoin price long term forecast: bearish
TON is trading above the $5.00 support but below the moving average lines. The altcoin is falling after a failed upward correction at its recent high. According to the price forecast, TON will fall below the current support. During the price decline on December 9, a candlestick body tested the 50% Fibonacci retracement. The retracement suggests that TON will fall to the 2.0 level of the Fibonacci extension or $3.65. In the meantime, TON is falling and approaching its previous low of $5.00.
Toncoin indicator analysis
TON is falling as the price bars remain below the moving average lines. The moving average lines are showing a bearish crossover, with the 21-day SMA below the 50-day SMA. TON has a bearish signal, indicating that the altcoin is likely to fall.
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?
On the 4-hour chart, TON is falling below the moving average lines. The crypto has been denied twice at the $6.00 and $5.80 price points. The altcoin will fall and reach a low of $5.30. The bearish momentum will continue to the low of $4.80. In the meantime, the altcoin will consolidate above the $5.50 level.
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.
