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The price of Toncoin ($TON) has been moving sideways while in a downtrend. The price drop on August 5 caused $TON to fall to a low of $4.86.
Long-term forecast for the Toncoin price: bearish
The bulls bought the dips and forced the cryptocurrency to trade sideways between $4.90 and $6.10. In preparation for a possible trend, $TON has been trading sideways for the past two months.
On the downside, selling pressure will increase again if the bears break through the $4.90 support. $TON will continue to fall and reach a low of $3.50.
On the upside, the price action will be limited by the moving average lines and resistance at $6.10. Today, the value of the altcoin is at $5.30 as it moves higher.
Analysis of the $TON indicator
The price bars are below the moving average lines, which could cause the altcoin to fall even further. The moving average lines are drifting south, indicating a slump. The price movement was limited due to the dominance of the Doji candlesticks.
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?
On the 4-hour chart, $TON is in a downtrend. The cryptocurrency is showing a pattern of lower highs and lower lows. Today, the altcoin is trending upwards near the moving average lines. The upward movement could encounter resistance at the high of $6.10. A rejection would force the cryptocurrency to decline and start its sideways movement.
Coinidol.com reported on October 6 that $TON was trading at $5.31 and predicted that if the 50-day SMA support is broken, the cryptocurrency may fall more.
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.
cointelegraph.com
cryptonewsz.com
coingape.com
coinpaper.com
