Toncoin Crashes When It Reaches $4.00

The price of Toncoin (TON) continues to fall below the moving average lines. The altcoin fell to a low of $2.62 on March 3 before rebounding.

TON price long-term prediction: bearish

According to the price analysis by Coinidol.com, the resistance zone of $4.00 is the point where the upward correction is rejected. Given the previous rejection, further upside is unlikely.

On the downside, TON will continue to decline if the selling pressure continues and the current support level at $2.40 is broken. The price indicator predicts that TON will fall to -$0.483 or the Fibonacci extension level of $2.618.

TON indicator analysis

Since the 21-day SMA is below the 50-day SMA, TON will fall further. The bearish crossover suggests that TON will continue to fall. The price bars are above the moving average lines on the daily chart, but the upward correction has stopped. The strong selling pressure is indicated by the candlestick wicks at the recent high.

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?

According to the price indicator on the weekly chart, TON could fall further. The altcoin has been trading below the $4.00 resistance and above the $2.00 level since March 11.

The altcoin is trading below the recent high, indicating that the upward correction has failed. Selling pressure will pick up again if the price falls below the current support of $2.00.

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.  

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