Toncoin (TON) Price Analysis: What's the Next Move for TON?

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.