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Cryptocurrency News Articles
Toncoin (TON) Price Analysis: What's the Next Move for TON?
Oct 13, 2024 at 06:48 pm
The price of Toncoin (TON) has been moving sideways while in a downtrend. The price drop on August 5 caused TON to fall to a low of $4.86.
The price of Toncoin (TON) has been moving sideways within a downtrend. On August 5, the price plunged to a low of $4.86.
Toncoin price long-term analysis: bearish
The bulls bought the dips, forcing the cryptocurrency to trade sideways between the $4.90 and $6.10 levels. Preparing for a possible trend, TON has been trading sideways for the past two months.
On the downside, if the bears break through the $4.90 support, selling pressure will resume again. TON will continue to fall, reaching a low of $3.50.
On the upside, the moving average lines and resistance at $6.10 will limit price action. Today, as the altcoin advances, it is valued at $5.30.
Analysis of TON indicators
The price bars are below the moving average lines, which could cause the altcoin to fall further. The moving average lines are sloping down, indicating a bearish momentum. The dominance of the Doji candlesticks limited price movement.
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?
On the 4-hour chart, TON is trending down. The cryptocurrency is forming a pattern of lower highs and lower lows. Today, the altcoin is trending up, close to the moving average lines. The bullish momentum could face resistance at the high of $6.10. A rejection will force the cryptocurrency to fall and begin its sideways movement.
Coinidol.com reported on October 6 that TON trades at $5.31, and if the 50-day SMA support is breached, the cryptocurrency is bound to fall further.
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