The price of Toncoin (TON) has remained above the $2.60 support but below the 21-day SMA barrier.
Toncoin price long-term prediction: ranging
The price fluctuation was limited and remained within a narrow range. On July 6, TON rebounded and broke above the moving average lines. Buyers failed to sustain the positive momentum and reach the previous highs of $3.40 and $3.60.
However, the crypto price fell well below the moving average lines. The altcoin has fallen to a low of $2.81. If the cryptocurrency is rejected at the moving average lines, it will fall to its low of $2.60.
In the meantime, TON has returned to the bearish trend zone.
Toncoin indicator analysis
On the 6th of July, a long candlestick wick broke through the moving average line. This indicates that there is significant selling pressure at the moving average lines. The upward movement of TON is shaky due to the rejection by the moving average lines.
On the lower time frame, the price of the cryptocurrency is trapped between the moving average lines. The moving average lines are horizontal at the bottom of the chart.
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?
Toncoin has resumed its sideways movement after the rejection on 6 July. The altcoin abruptly dropped to an area above support at $2.70 but below resistance at $3.00. The bears have defied the uptrend. On the four-hour chart, the moving average lines are horizontally flat, indicating a sideways trend.
Last week Coinidol.com wrote that TON maintained its lower price level and remains firmly above the $2.60 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 CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/ton-price-below-mark/