coinidol.com
Toncoin ($TON) price is in an uptrend after rising above the 21-day SMA. The price of the cryptocurrency is trading between the moving average lines.
Long-term forecast for the Toncoin price: range
The cryptocurrency will be range bound between the moving average lines until the trend resumes and the moving average lines break. In the previous sideways trend, the price of $TON fluctuated between $5 and $8.00. It can be assumed that the positive momentum would encounter resistance at $7.00 or the 50-day SMA.
However, if the bulls overcome the resistance at the 50-day SMA, the altcoin will rise above the upper resistance of $8.00. $TON will fall below the moving average lines if it loses the support of the 21-day SMA. $TON is currently valued at $6.67.
Analysis of the $TON indicator
$TON prices are rising but remain trapped between the moving average lines. The cryptocurrency is above the 21-day SMA but is falling below the 50-day SMA. The $TON price will move as soon as it breaks through the moving average lines. The moving average lines are horizontal, which indicates a sideways trend. Doji candles dominate the activity of the $TON price.
Technical Indicators
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
What's next for Toncoin?
On the 4-hour chart, $TON is moving sideways, hovering above the $5.00 support and below the $7.00 resistance level. In addition, the moving average lines on the daily chart have restricted the price movement. $TON will change when the moving average lines are broken. In the meantime, the altcoin will continue to trade in a narrow range for a few more days.
Coinidol.com wrote on August 2 that the price of Toncoin continued to move sideways, retesting the $8.00 resistance level.
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.