The price of Toncoin (TON) has been falling as it approaches the bottom of the chart. Price analysis by Coinidol.com.
Long-term forecast for the Toncoin price: bearish
The cryptocurrency value dropped to $3.38 and then recovered. Similarly, the price indicator had previously predicted a drop to $3.85 or the 2.0 level of the Fibonacci extension.
The price decline has moderated above the $3.40 support, while it continues its sideways movement above the current level. The altcoin is trading below the moving average lines and above the $3.40 support.
TON will rise above the resistance of $5.50 or the moving average lines. On the downside, the altcoin will fall to $2.05. If the bears break the support level of $3.40, the altcoin will fall. TON is worth $3.73 today.
TON indicator analysis
On the 4-hour chart, the price bars are fluctuating below and above the horizontal moving average lines. TON is in a sideways movement. The price bars are dominated by doji candlesticks which have slowed down the price movement. The altcoin could fall as the price bars are below the moving average lines.
Technical Indicators
Resistance Levels: $6.00, $8.00, $10.00
Support Levels: $5.00, $3.00, $1.00
What’s the next move for Toncoin?
Since the dip was halted, TON has been trading sideways. The price of TON is hovering between $3.60 and $4.00. The cryptocurrency is consolidating between the limited range. The extended candlestick wicks pointing to the resistance levels indicate strong selling pressure.
Coinidol.com reported on February 5 that the price indicator had previously predicted that the altcoin would fall to $3.85, which is the 2.0 level of the Fibonacci extension.
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.
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