The price of Toncoin (TON) is declining and continuing its horizontal trend.
Toncoin price long-term prediction: ranging
The cryptocurrency is currently trading in a narrow range, above the $3.00 support but below the $3.60 resistance. The altcoin has fallen below the moving average lines, but was stopped by the 50-day SMA. The downtrend will continue if the bears break below the 50-day SMA support. TON will continue to fall and reach a low of $3.00.
However, the altcoin is gaining traction as the 50-day SMA support holds. This means that the cryptocurrency will rise to its previous high of $3.60. This is likely after clearing the initial hurdle at the 21-day simple moving average. TON is currently worth $3.25.
Analysing the TON price indicators
The price bars are located between the upward moving average lines. The altcoin is above the 50-day SMA but is falling below the 21-day SMA. The moving average lines are moving upwards, which indicates an upward movement of the price. TON will continue to move sideways as it is caught between the moving average lines.
Technical Indicators
Key Resistance Zones: $4.00, $4.50, and $5.00
Key Support Zones: $3.50, $3.00, and $2.50
What is the next move for Toncoin?
The 4-hour chart shows that TON is falling below the moving average lines. The selling pressure has stalled at the $3.20 support but remains below the moving average lines. The price of the cryptocurrency is stabilising above the $3.20 support but below the initial $3.30 hurdle. TON will develop as soon as the existing barriers are broken.
Last week the altcoin was trading slightly above the 21-day SMA after being rejected at the upper resistance level. The price was around $3.47, as CoinIdol.com reported.
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.
Source: https://coinidol.com/toncoin-gains-traction/
