TON Remains Above The $5.00 Support In The Range-Bound

Cryptocurrency analysts of Coinidol.com report, the price of Toncoin (TON) fell to a critical support level of $5.00 on January 13. TON remains above the $5.00 support in the range-bound.

Toncoin price long term forecast: fluctuation range

Since December 4, 2024, the price of the cryptocurrency has experienced a series of downward highs and lows. On January 19, the altcoin fell and broke through a key support level, reaching a low of $4.79.

Bulls bought the dips and started a rise above the key support of $5.00. Since December 20, 2024, the altcoin has been moving above the $5.00 support but below the moving average lines or resistance at $6.00. Today, TON is rising towards the moving average lines. If TON breaks above the moving averages, an uptrend will start. Otherwise, the trend will continue below the moving averages. TON is currently trading at $5.19.

Toncoin indicator analysis

TON is in a negative trend as the price remains above the moving average lines. On the 4-hour chart, the range bound movement will continue as long as the price bars remain between the moving averages. The candlestick points to the moving average lines. The moving average lines are horizontal with a bearish crossover.

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?

TON has been in a negative trend for the past month. The cryptocurrency has rallied, although it remains range-bound above the $5.00 support. The altcoin is correcting upwards as it begins its range bound movement. The current range bound trend will be broken if the buyers sustain the price above the moving average lines. If TON does not break above the moving average lines, it will remain in its current range.

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.