TON Rises, But Faces Possible Rejection At $5.85

The latest price analysis by Coinidol.com report, the price of Toncoin (TON) has fallen below the moving average lines after hitting the $7.20 level.

Toncoin price long term forecast: bearish

The cryptocurrency dropped to a low of $4.78 before beginning a range-bound rise above the $5.00 support and below the moving average lines. TON corrects higher as it reaches the 50-day simple moving average line. The current uptrend is likely to be broken at the 50-day SMA line. However, a break above the moving average lines would mean a continuation of the uptrend. However, if TON falls below the 50-day SMA, selling pressure will increase again. On the downside, TON will fall to a low of $3.65 if the bears break through the $5.00 support. TON is currently trading at $5.64.

Toncoin indicator analysis

The price bars are below the moving average lines while the cryptocurrency is falling. The altcoin is currently in an upward correction that is approaching the moving average lines. On the 4-hour chart, the price bars are above the moving averages. TON will rise as long as it stays above 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?

On the 4-hour chart, TON is rising as the price bars are above the moving average lines. The altcoin will reach a high of $6.20, but could be rejected at this price. On the daily chart, TON will resume its uptrend if buyers keep the price above the moving average lines and break above the $6.50 resistance.

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.