Toncoin Resumes Its Horizontal Trend But Stalls At $7.00

The price of Toncoin ($TON) is in a sideways trend, but has started to rise after the price drop on August 5.

Toncoin price long-term prediction: ranging

On August 5, the altcoin fell as low as $4.86 before recovering. On the upside, the bulls broke through the moving average lines but were stopped by the 50-day SMA.

Since August 10, the price of the cryptocurrency has been trapped between the moving average lines. If buyers keep the price above the 50-day moving average line, the altcoin will reach a high of $8.00. If buyers fail to sustain the price above the 50-day SMA, $TON will continue to trade in a range. At the time of writing, $TON is worth $6.76.

$TON indicator analysis

The $TON price is trapped between the moving average lines as buyers have failed to keep it above these lines. The direction of the market will be determined if the 21- and 50-day SMAs are breached. The moving average lines are still sloping horizontally due to the 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?

The horizontal trend is causing TONNE/USD to move sideways. On the 4-hour chart, the cryptocurrency is trading below the $7.00 resistance but above the $6.00 support. Since August 8, buyers have been trying to maintain positive momentum above the $7.00 support. Based on the doji candlesticks, the move could continue within the trading range.

Last week $TON price was rising but remained trapped between the moving average lines and the price moved around $6.67, according to 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.