Toncoin (TON) has maintained a sideways trend below the $3.60 barrier.
Toncoin price long term forecast: bullish
Buyers have consistently failed to keep the price above the $3.60 barrier. Today, the price of the cryptocurrency rose to a high of $3.60 before falling. If TON falls from its recent high, a drop to the $2.60 price level is imminent.
Every time the crypto price is rejected at its current high, it falls and returns to the lower $2.60 price area. After the recent drop, TON is trading within a range of $2.60 to $3.60. TON is now at $3.50.
Analysis of the TON indicator
On July 22 and 31, as reported by Coinidol.com, the extended candle wicks at $3.60 signalled considerable selling pressure at the most recent high. Since April 1, the cryptocurrency price has failed to sustain its bullish momentum above $3.60. The moving average lines have remained constant during the sideways trend. Doji candlesticks dominate price activity.
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 continues its sideways movement as it pulls back from the $3.60 level. The altcoin is trading below the previous high but above the moving average lines as the trend is determined. If the price falls below the moving average lines, TON will return to $2.60.
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.