Toncoin Is In A Range And Targeting The High At $7.00

Toncoin's (TON) price recovery was hindered as it fell below the moving average lines after reaching a high of $7.00.

Long-term forecast for the TON price: bullish

Toincoin was rejected for the second time at its recent high. The first rejection occurred on August 24 when it fell above the $4.50 support. Today, the altcoin has fallen between the moving average lines. The cryptocurrency is trading above the 50-day SMA but below the 21-day SMA, which is a resistance level. 

Currently, the altcoin is rising as it approaches the resistance of the 21-day SMA. TON will rise to a high of $7.00 if the 21-day SMA is broken. However, if the resistance level of $7.00 is broken through, the positive momentum will continue up to the high of $8.00. However, the bullish scenario will be invalidated if the 21-day SMA barrier is not breached. The value of TON currently stands at $6.41.

Analysis of the Toncoin indicator

TON is tied to the moving average lines. If the altcoin breaks above the 21-day SMA barrier, the uptrend will resume. If the 50-day SMA support is broken, the altcoin will fall to the bottom of the charts. As long as the moving average lines are not broken, the cryptocurrency will be forced to move within a certain range.

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 corrected upwards after its previous decline. The altcoin corrected upwards and broke through the moving average lines. Furthermore, the altcoin will be forced to trade in a range between the moving average lines until the next trend is determined.

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.