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The price of Toncoin (TON) was unable to continue its uptrend and fell below the moving average lines on May 15.
Toncoin price long-term prediction: bearish
The cryptocurrency slipped back into its previous range of $2.80 to $3.40 and thus below the resistance level. The altcoin's slide was halted above the low of $3.00, signaling the start of a move within the range.
On the upside, TON will resume its uptrend if buyers keep the price above the $3.40 and $4.20 resistance levels. In this case, the altcoin will reach a high of $5.60. TON will remain at the bottom of the chart if buyers fail to sustain the price above the resistance levels. TON is currently $3.17.
Toncoin indicator analysis
The moving average lines are horizontal due to the sideways movement of the cryptocurrency. After the current breakdown, the price bars have fallen below the moving average lines. Doji candlesticks continue to mark the price bars and slow down the price movement. A price rise will take the altcoin out of the range zone.
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?
After the last breakdown, TON has returned to its downtrend. On the 4-hour chart, TON has returned to its trading range, which is above the $3.00 support but below the $3.50 resistance.
The altcoin continues to trade at the bottom of the chart as buyers fail to keep the price above the moving averages. The altcoin has been range-bound since March 10.
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.