The price of Toncoin (TON) fell to $3.38 on February 3. The altcoin is currently in the oversold sector of the market after falling.
Toncoin price long term forecast: bearish
The cryptocurrency price is nearing the bottom of the chart. The price indicator had previously predicted that the altcoin would fall to $3.85, which is the 2.0 level of the Fibonacci extension. According to the price action, the selling pressure has stalled above the $3.40 support. TON has been trading above $3.40 but below the moving average lines for the last 48 hours. The cryptocurrency price is still above the $3.70 support as it continues its range-bound movement. The value of TON is at $3.86.
Analysis of the TON price indicator
The TON indicator has experienced a sharp decline due to the southward moving average lines. The price bars show a series of lower highs and lower lows below the moving average lines. The extended tail of the February 3 candle points to support at $3.40. The extended tail of the candle indicates strong buying above the $3.40 support.
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 fell to a low of $3.38 after breaking the critical support at $6.00. Bearish momentum stalled above the $3.50 support as it began a range-bound move. TON corrected higher although the upside move was rejected at the $4.00 resistance. The crypto price is moving in the middle of the range, waiting for a trend.
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 Coin Idol. Readers should do their research before investing in funds.