Toncoin Price: Ranging But Remains Above $4.50

The price of Toncoin (TON) has been in a horizontal trend since August 5. The cryptocurrency has been trading in a range between $4.50 and $6.00 price levels.

Long-term forecast for the Toncoin price: ranging

Over the past two months, buyers have defended the $4.50 support level, as reported previously by Coinidol.com. In addition, they have tried to keep the price above the moving average lines or resistance at $6.00. TON will rise to the next resistance level of $7.00 if the current barrier is broken.

However, it will fall to $3.50 if it loses its current support of $4.50. At the moment, the price of the altcoin is $4.94.

Analysis of the TON indicator

The selling pressure remains as the price bars remain below the moving average lines. The current price range has been maintained by the formation of doji candlesticks. The moving average lines are still pointing downwards, indicating a decline. 

Technical Indicators

Resistance Levels: $6.00, $8.00, $10.00

Support Levels: $5.00, $3.00, $1.00

What is the next step for Toncoin?

On the 4-hour chart, TON is in a horizontal trend. However, it has fallen further after dropping below the $5.00 support level. The altcoin has held on to the $5.00 mark after an upward correction. On October 25, a long candlestick tail pointed to support at $4.60. The candlestick tail at $4.60 shows significant buying demand.

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.