Toncoin Rises Again And Breaks Through The $6.00 High

The price of Toncoin (TON) has recovered from its slump by rising above the moving average lines.

Long-term forecast for the TON price: bullish

The bullish momentum broke through the barrier at $6.00 but then pulled back to retest this level. This indicates that the cryptocurrency will rise to its previous high. It is predicted that TON will return to its previous high of $8.00, from which it was previously repelled. However, the rebound will meet resistance at the $7.00 high. TON will find support at $6.00 and could return to a sideways trend if it falls below its recent high. 

In the meantime, the cryptocurrency is rising but remains above the $6.00 support. The price of the cryptocurrency currently stands at $6.67.

Analysis of the TON indicator

Since November 23, as reported by Coinidol.com, TON has been showing extended candlestick highs at its current high. The candlestick wicks show strong selling pressure at the recent top. The altcoin will rise once the barriers are broken. The moving average lines cross upwards, indicating a positive 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 4-hour chart shows that TON is in an uptrend, with the price crossing above the moving average lines. 

On the upside, the upward movement is encountering resistance at a high of $6.60. The altcoin is trading above the moving average lines but below the resistance at $6.60. TON will fall if the cryptocurrency drops below 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.