Coinidol.com: TON Continues Its Descent Towards Its $0.70 Low

Toncoin (TON) fell to a low of $1.13 before recovering above the $1.20 support.

TON price long-term forecast: bearish

The cryptocurrency is trading above the $1.20 support but remains below the moving average lines at the bottom of the chart. Over the past five days, the price has fluctuated as the 21-day SMA has acted as resistance. TON has reached the market's oversold level.

However, if the bears break below the $1.20 support, the altcoin could return to its October 10 price level of $0.70. Conversely, TON will resume its bullish ascent if buyers keep the price above the moving averages and bullish momentum is sustained. Currently, the price is declining after being rejected by the 21-day SMA. Today, TON is at $1.35.

Technical Indicators

• Key Resistance Zones: $4.00, $4.50, and $5.00

• Key Support Zones: $3.50, $3.00, and $2.50

TON price indicators analysis

The TON price fluctuates both below and above the horizontal moving average lines. The 21-day SMA is below the 50-day SMA, signalling a decline. The price action is characterised by Doji candlesticks, which indicate continued sideways movement. On the 4-hour chart, the moving averages are horizontal, but the 21-day SMA is above the 50-day SMA. 

What is the next move for TON?

TON's price has risen after reaching a low of $1.13. The 4-hour chart shows that the upward reversal has paused at the $1.45 high. The price is currently trading above the $1.20 support but below the $1.45 resistance. However, the price movement has been motionless due to the existence of Doji candlesticks.

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.