The price of Toncoin (TON) has rallied as buyers have pushed it above the daily chart’s moving average lines. Price analysis by Coinidol.com.
TON price long-term forecast: bullish
The price of the cryptocurrency has recovered from its low of $2.35 and has risen above the moving average lines. TON is trading in a bullish trend zone, but its upward movement has been hindered by resistance at $4.02.
The cryptocurrency has retraced above the $4.00 support. The altcoin is now in a trading range above the moving average lines but below the $4.20 resistance level. If the current barrier is broken, TON could reach the highs of $5.00 and $5.65.
On the weekly chart, the price indicator points to a probable decline. Should TON fall further and drop below the moving average lines, the price would drop to lows of $3.00 and $2.40. At the time of writing, TON is trading at $4.02.
Analysis of the TON indicator
On the daily chart, the price bars are above the moving averages. This indicates that the cryptocurrency could be on the rise. Furthermore, the moving average lines are showing a bullish crossover, with the 21-day SMA above the 50-day SMA. This is a bullish signal for a possible rise in the cryptocurrency.
Technical Indicators
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
What’s the next move for Toncoin?
TON is rising after falling as low as $2.35 on March 11. The uptrend has stalled at $4.20.
However, the bulls have not given up much ground as the altcoin has retraced above the $4.00 support. TON will rise as long as the price holds above the moving averages of the daily charts.
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.
