Toncoin Risks To Decline As Price Encounters Rejection At $7.00

The price of Toncoin ($TON) has fallen below the moving average lines but is stopped by the 50-day SMA.

$TON price long-term prediction: bearish

Despite being trapped between the moving average lines, the cryptocurrency could fall further. $TON is trading above the 50-day SMA support but below the 21-day SMA resistance. Selling pressure will return if the price falls below the 50-day SMA support.

During the price decline on August 5, a retracement candle tested the 61.8% Fibonacci retracement line, as Coinidol.com reported before. The retracement means that the altcoin will fall even further to the 1.618 Fibonacci extension or $2.74.

Today, $TON is trading at $5.31 and is trending downwards. If the 50-day SMA support is broken, the cryptocurrency will fall much more.

$TON indicator analysis

Since August 19, the cryptocurrency has remained trapped between the moving average lines. Buyers failed to keep the price above the 21-day SMA, leading to a further decline in the cryptocurrency. On the daily chart, the price bars are below the moving average, which suggests that the cryptocurrency could fall further.

Technical Indicators

Resistance Levels: $6.00, $8.00, $10.00

Support Levels: $5.00, $3.00, $1.00

What is the next step for Toncoin?

$TON is in decline after its rejection at a high of $6.10. The altcoin's current price range is between $4.60 and $6.10. The altcoin is sliding steadily downwards. $TON has fallen and is consolidating above the $5.00 support. The downtrend will resume as soon as the current support of $5.00 is broken.

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.