Toncoin (TON) price is in an uptrend after rising above the 21-day SMA. The price of the cryptocurrency is trading between the moving average lines.
Long-term forecast for the Toncoin price: range
The cryptocurrency will be range bound between the moving average lines until the trend resumes and the moving average lines break. In the previous sideways trend, the price of TON fluctuated between $5 and $8.00. It can be assumed that the positive momentum would encounter resistance at $7.00 or the 50-day SMA.Â
However, if the bulls overcome the resistance at the 50-day SMA, the altcoin will rise above the upper resistance of $8.00. TON will fall below the moving average lines if it loses the support of the 21-day SMA. TON is currently valued at $6.67.
Analysis of the TON indicator
TON prices are rising but remain trapped between the moving average lines. The cryptocurrency is above the 21-day SMA but is falling below the 50-day SMA. The TON price will move as soon as it breaks through the moving average lines. The moving average lines are horizontal, which indicates a sideways trend. Doji candles dominate the activity of the TON price.
Technical IndicatorsÂ
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
What’s next for Toncoin?
On the 4-hour chart, TON is moving sideways, hovering above the $5.00 support and below the $7.00 resistance level. In addition, the moving average lines on the daily chart have restricted the price movement. TON will change when the moving average lines are broken. In the meantime, the altcoin will continue to trade in a narrow range for a few more days.
Coinidol.com wrote on August 2 that the price of Toncoin continued to move sideways, retesting the $8.00 resistance level.Â
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.
