The price of Toncoin (TON), which has reached a low of $2.81, has been falling steadily. The cryptocurrency is approaching its low price of $2.00.
However, the price indicator suggests that selling pressure will continue beyond the low price. On August 5, 2024, a bearish candlestick body on the weekly chart tested the 38.2% Fibonacci retracement level.
In view of the upward correction, TON is likely to continue its downward trend. The price indicator predicts that TON will fall to $0.483 or the 2.618 Fibonacci extension level.
The cryptocurrency has continued its downtrend as the price bars are below the moving average lines. The moving average lines on the 4-hour chart have a southerly slope. The bearish bias is evident on both charts as the 21-day SMA is below the 50-day SMA.
Technical Indicators
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
TON has been bearish since falling below the current 4-hour chart support at $2.90. On the downside, the altcoin is approaching the lower $2.00 price level but will take a break above it if the $2.00 support is breached. Should this be the case, the price will fall to the previous low of $1.175.
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.
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