The price of Toncoin (TON) has rallied above the $3.55 support but was stopped by the 21-day SMA.
Toncoin price long term forecast: bearish
TON will return to its range if it falls below the 21-day SMA. The price of the cryptocurrency will fall and fluctuate between $3.40 and $3.50.
However, if the negative trend continues and TON breaks below the current support, it will return to the previous low at $3.38, as Coinidol.com reports. TON will return to its uptrend once it breaks above the 21-day SMA. The 50-day SMA barrier will be reached by the upside momentum. The price is at $3.77 and falling today.
Analysis of the TON indicator
The negative trend is indicated by the price bars below the moving average lines. The moving average lines on the 4-hour chart have been pushed up by buyers, indicating that the TON is rising.
However, the current sideways trend is indicated by the horizontal divergence of the moving average lines.
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 price of TON is fluctuating sideways between $3.50 and $4.00. The cryptocurrency has broken above the moving average lines today. But resistance at $3.80 has rejected the uptrend. TON is recovering as it remains above the $3.38 support.
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 Coin Idol. Readers should do their research before investing in funds.
Source: https://coinidol.com/toincoin-price-gains/