Toncoin Resumes Its Horizontal Trend But Stalls At $7.00

The price of Toncoin (TON) is in a sideways trend, but has started to rise after the price drop on August 5.

Toncoin price long-term prediction: ranging

On August 5, the altcoin fell as low as $4.86 before recovering. On the upside, the bulls broke through the moving average lines but were stopped by the 50-day SMA. 

Since August 10, the price of the cryptocurrency has been trapped between the moving average lines. If buyers keep the price above the 50-day moving average line, the altcoin will reach a high of $8.00. If buyers fail to sustain the price above the 50-day SMA, TON will continue to trade in a range. At the time of writing, TON is worth $6.76.

TON indicator analysis

The TON price is trapped between the moving average lines as buyers have failed to keep it above these lines. The direction of the market will be determined if the 21- and 50-day SMAs are breached. The moving average lines are still sloping horizontally due to the sideways trend.

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?

The horizontal trend is causing TONNE/USD to move sideways. On the 4-hour chart, the cryptocurrency is trading below the $7.00 resistance but above the $6.00 support. Since August 8, buyers have been trying to maintain positive momentum above the $7.00 support. Based on the doji candlesticks, the move could continue within the trading range.

Last week TON price was rising but remained trapped between the moving average lines and the price moved around  $6.67, according to Coinidol.com. 

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.