Toncoin (TON) has continued its bearish descent after breaking below the support at $2.00.
TON price long-term forecast: bearish
Previously, the crypto was range-bound above the $2.00 support but below the 21-day SMA. The bulls overcame the 21-day SMA but failed to sustain bullish momentum above the recent high. Subsequently, TON was rejected at the $2.40 high, leading to the current decline.
On the downside, the bears have breached the $2.00 support, and a further downward move is expected. TON is falling and may revisit the previous low at $0.70. At the time of writing, TON is $1.93.
Technical Indicators
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Key Resistance Zones: $4.00, $4.50, and $5.00 -
Key Support Zones: $3.50, $3.00, and $2.50
Toncoin price indicator analysis
The 21-day and 50-day SMAs have continued to slope downward after breaking the $2.00 support. TON has remained range-bound as Doji candlesticks have returned. On the 4-hour chart, the 21-day and 50-day SMAs are sloping horizontally, indicating a sideways trend.
What is the next move for Toncoin?
TON has fallen below the $2.00 support. On the 4-hour chart, the price bars are fluctuating below the recent high. Selling pressure will resume if the altcoin faces further rejection at the $2.00 barrier. TON will recover if it breaks above the $2.00 barrier again.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.