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The Toncoin (TON) price has fallen below the moving average lines. TON was in a downtrend as the upside momentum was halted twice at the $8.00 overhead resistance level.
TON price long-term prediction: bearish
The altcoin fell below the moving average line twice and found support above $5.00. On the downside, TON is at risk of another drop below the $5.00 support if the current level is breached. If the bears break the $5.00 support, the market will fall to as low as $3.50. However, the current support at $5.00 has not been broken since April 30.
Meanwhile, the selling pressure has reversed since the price drop on August 5 above the $5.00 support.
Analysis of the TON indicator
The long candlestick tails pointing to the $5.00 support are signaling significant buying demand at the current level. Doji candlesticks dominate the price action and slow down its movement. The moving average lines are sloping horizontally as the market continues its 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?
TON is currently consolidating above its historical price level of $4.62. On April 30, the cryptocurrency reached a low of $4.62 before recovering. The upward momentum peaked at $8.00.
Today, the altcoin fell to its historical price and continued to consolidate above it. If the historical price remains stable, the altcoin will resume its uptrend.
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.