The price of Toncoin (TON) is recovering from its fall below the moving average lines.
Toncoin price long term forecast: bullish
On November 5, TON fell beyond the critical support level of $4.50, but the bulls bought the dips, as Coinidol.com wrote. The upside momentum on Nov. 5 pushed the altcoin above the moving average lines TON has the potential to rise above the moving average line.Â
However, the upward movement was halted three times at the $6.00 resistance level. Last week, the altcoin traded above its moving average lines, indicating a positive trend.
TON indicator analysis
The price bars are consolidating above the moving average lines. The 21-day SMA is higher than the 50-day SMA, indicating a potential rise in the cryptocurrency. The downward sloping moving average lines are sloping upwards, indicating bullish momentum. However, the moving average lines on the shorter time frame are horizontal, indicating a sideways trend.
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 moving sideways, with support at $5.20 and resistance at $5.80. The price action has been restricted by the doji candlesticks. The altcoin is stabilizing above the moving average lines as it attempts to break through the $5.60 resistance level. If buyers fail to overcome the recent obstacles, the sideways trend will continue.
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.
