Toncoin (TON) is in a downtrend, with the price reaching a low of $4.76. Previously, TON was trading in a sideways pattern, fluctuating between $4.00 and $8.00.
Long-term forecast for the Toncoin price: bearish
During the previous trend, buyers tried hard but were rejected. The cryptocurrency fell below the moving average lines before rebounding. The moving average lines are working against the upward correction. This has forced it to slip into a lower price range. TON is currently worth $4.60. If the current support of $4.00 holds, TON will continue its move between $4.00 and $8.00 on the downside.
TON indicator analysis
The price bars are below the horizontal moving average lines, which are sloping downwards due to the downtrend. The 21-day SMA is preventing the price from rising. A break above the 21- and 50-day moving averages will herald the return of the uptrend. TON is dominated by doji candlesticks, which slow down the price movement.
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 has stabilized above the $4.00 support, halting its slide. On the 4-hour chart, the altcoin is trading above the $4.45 support but below the moving averages. Buyers are trying to keep the price above the 21-day SMA. This will mark the beginning of the uptrend.
TON was in a downtrend as the upside momentum was halted twice at the $8.00 overhead resistance level, as reported by Coinidol.com last week.
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.
