Toncoin Continues Its Range Above The $5.00 Support

The price of Toncoin (TON) is moving above the $5.00 support but below the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.

TON price long-term forecast: bearish

TON slipped to a low of $4.78 despite bulls buying the dips. The altcoin has rallied above the $5.00 support level but buyers have been unable to sustain the price above the moving average lines. Yesterday, the bulls broke through the 21-day SMA resistance and the altcoin moved between the moving average lines. 

According to the previous price forecast, TON is expected to drop to the 2.0 Fibonacci extension level or $3.65. However, the bulls are holding on to the $5.00 support. 

Now, the price of the cryptocurrency is trapped between the moving average lines and TON will move once the moving average lines are broken. TON is consolidating its 21-day SMA support. It will fall once the 21-day SMA support is breached and will first drop to its previous low of $5.00.

Toncoin indicator analysis

The price bars are located between the moving average lines, which indicates a rangebound movement for the cryptocurrency. Doji candlesticks cause the price bars to move steadily. The moving average lines are sloping horizontally, indicating a sideways trend. 

Technical Indicators

Resistance Levels: $6.00, $8.00, $10.00

Support Levels: $5.00, $3.00, $1.00

What's next for Toncoin? 

On the 4-hour chart, the altcoin is trading in a narrow range between $5.40 and $5.80. The uptrend is being held back by resistance at $5.80. There are long candlestick wicks heading towards the high of $5.80. The extended candlestick wicks signal significant selling pressure at the recent high. 

Nonetheless, the altcoin will remain in a trading range as it is trapped between the moving average lines.

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.