Toncoin (TON) Price Analysis: Recovery Hindered as Altcoin Falls Below Moving Average Lines

Toncoin's (TON) price recovery was hindered as it fell below the moving average lines after reaching a high of $7.00.

Toncoin's (TON) price recovery was cut short on Monday as it fell below the moving average lines after reaching a recent high of $7.00.

Long-term TON price analysis is bullish today.

Toincoin was rejected at its recent high for the second time. The first rejection was seen on August 24, when it close above the $4.50 support. Today, the altcoin has fallen between the moving average lines. The cryptocurrency is trading above the 50-day SMA but below the 21-day SMA, which is acting as a resistance level.

Currently, the altcoin is rising as it approaches the 21-day SMA resistance. A close above the 21-day SMA will see TON rise toward the $7.00 resistance. However, if the $7.00 resistance is broken through, the bullish momentum will continue toward the $8.00 high. However, the bullish scenario will be invalidated if the 21-day SMA barrier is not breached. The price of TON is currently at $6.41.

Toncoin indicator analysis

TON is trading between the moving average lines. A close above the 21-day SMA will see the uptrend continue. If the 50-day SMA support is broken, the altcoin will fall to the bottom of the charts. As long as the moving averages are not broken, the cryptocurrency will be forced to trade within a range.

Technical Indicators

Resistance Levels: $6.00, $8.00, $10.00

Support Levels: $5.00, $3.00, $1.00

What's next for Toncoin?

On the 4-hour chart, TON is seen correcting upward after the previous decline. The altcoin broke through the moving average lines as it corrected upward. Moreover, the altcoin will be forced to trade in a range between the moving averages until the next trend is decided.