Toncoin Risks To Decline As Price Encounters Rejection At $7.00

The price of Toncoin (TON) has fallen below the moving average lines but is stopped by the 50-day SMA.

TON price long-term prediction: bearish

Despite being trapped between the moving average lines, the cryptocurrency could fall further. TON is trading above the 50-day SMA support but below the 21-day SMA resistance. Selling pressure will return if the price falls below the 50-day SMA support.

During the price decline on August 5, a retracement candle tested the 61.8% Fibonacci retracement line, as Coinidol.com reported before. The retracement means that the altcoin will fall even further to the 1.618 Fibonacci extension or $2.74. 

Today, TON is trading at $5.31 and is trending downwards. If the 50-day SMA support is broken, the cryptocurrency will fall much more.

TON indicator analysis

Since August 19, the cryptocurrency has remained trapped between the moving average lines. Buyers failed to keep the price above the 21-day SMA, leading to a further decline in the cryptocurrency. On the daily chart, the price bars are below the moving average, which suggests that the cryptocurrency could fall further.

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?

TON is in decline after its rejection at a high of $6.10. The altcoin's current price range is between $4.60 and $6.10. The altcoin is sliding steadily downwards. TON has fallen and is consolidating above the $5.00 support. The downtrend will resume as soon as the current support of $5.00 is broken.

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.