Toncoin (TON) price has been in a sideways trend but started to rise after the price drop on August 5th.
Toncoin Long Term Price Forecast: Range
On August 5, the altcoin dropped to $4.86 before recovering. On the other hand, the bulls broke through the moving average lines but were stopped by the 50-day SMA.
Since August 10, the cryptocurrency price has been squeezed between the moving average lines. If buyers can hold the price above the 50-day moving average, the altcoin will reach a high of $8.00. If buyers fail to hold the price above the 50-day SMA, TON will continue to trade in a range. At the time of writing, TON is worth $6.76.
Analysis of the TON indicator
TON price is squeezed between the moving average lines as buyers failed to hold it above these lines. The market direction will be determined if the 21-day and 50-day simple moving averages are broken. The moving average lines are still horizontally inclined due to the sideways trend.
Technical indicators
Resistance levels: $6.00, $8.00, $10.00
Support levels: $5.00, $3.00, $1.00
What are Toncoin’s next steps?
The horizontal trend is causing the TONNE/USD pair to move sideways. On the 4-hour chart, the cryptocurrency is trading below the resistance of $7.00, but above the support of $6.00. Since August 8, buyers have been trying to maintain positive momentum above the support of $7.00. Judging by the doji candles, the movement may continue within the trading range.
Last week According to Coinidol.com, the price of TON was rising but remained squeezed between the moving average lines and hovered around $6.67.
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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
