The price of Toncoin (TON) is falling after its rejection of the recent high. TON price analysis by Coinidol.com.
TON price long-term prediction: bearish
After crashing to $2.62 on March 3, TON has seen an upward correction. The selling pressure will continue if TON retraces and falls below the $2.62 support. The lower price level is the $2.00 support. The price indicator predicts a further decline beyond the lower price level.
On the downside, TON falls to the Fibonacci extension level of 2.618 or -$0.483. Currently, TON is trading between the recent high and the current support.
Analysis of the TON indicator
The decline is indicated by a bearish crossover of the moving average lines. The price bars on the 4-hour chart show the current movement between the moving average lines. The 21-day SMA support is the point at which the price of the cryptocurrency pulls back. If the altcoin breaks below the 21-day SMA support, it will continue 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?
TON is expected to drop to the bottom of the chart as selling pressure picks up.Â
However, the price indicator points to a possible drop below the lowest price level. The price movement is currently halted between the moving average lines on the 4-hour chart. The crypto signal will turn negative if the 21-day SMA support is breached.
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. Â
