The price of Toncoin (TON) continues to move sideways, retesting the $8.00 resistance level. The altcoin is now trading in a range of $6.50 to $8.00.
Toncoin price long-term prediction: ranging
On the upside, the TON price has tested the barrier four times but was rejected. But the price of the cryptocurrency will fall below the moving average lines and hit a low of $6.50.Â
On the downside, the bulls will buy the dips and resume their uptrend.Â
Today, TON is in an uptrend and retesting the lower price area. The extended candle tails pointing to the current support level indicate strong buying interest at the lower price level. The uptrend will continue once the price rises above the moving average lines or the resistance at $7.00. The market will continue to rise and retest the resistance at $8.00.
Analysis of the TON indicator
The moving average lines are pointing upwards while the price bars are below and above them. The price bars on the 4-hour chart are above the horizontal moving average lines, indicating that the altcoin will continue to rise. The doji candlesticks remain dominant as the price action is subdued.
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 trading in a range and is bearish. The cryptocurrency is trading in a limited range of $6.50 to $6.90. The price bars are above the moving average lines, but the upside is capped by the recent high. In the meantime, the sideways trend could continue for a few more days.
Before TON has resumed selling pressure and has fallen below the moving average lines low of $6.67 and was expected to fall even lower to $4.57, as reported previously by Coinidol.com
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.
