Toncoin (TON) Price Analysis: Long-Term Forecast Bullish as TON Struggles to Break Above the $7.00 Resistance

The price of Toncoin (TON) is slumping after failing to break above the $7.00 resistance. Toncoin price long-term forecast: bullish

Toncoin (TON) price analysis reveals a downtrend after failing to break above the $7.00 resistance. Following a recent rally, the cryptocurrency encountered resistance at the mentioned level and began to decline. As a result, TON price long-term forecast remains bullish.

Toncoin price long-term analysis: Bullish

If the positive trend continues, breaking above the $7.00 mark could lead TON to revisit its previous high of $8.00. However, the cryptocurrency has been trading lower since December 9, remaining largely trapped between the moving average lines. Notably, both the bulls and the bears have failed to break the moving average lines. If the bears succeed in breaking below the 50-day SMA line, TON will continue its decline, potentially reaching a low of $4.50.

On the other hand, if the bulls drive the cryptocurrency above the 21-day SMA line, TON will resume its uptrend. At the time of writing, TON is trading at $5.93.

Toncoin indicator analysis

Indicative of a ranging market, TON is trading within a narrow price channel, bounded by the 21-day SMA support and the 50-day SMA resistance. A sustained breakout or breakdown from these moving average lines usually triggers a directional trend for the altcoin. In this case, the price bars are sloping down, suggesting a downtrend.

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の時間枠, TON is seen trading below the moving average lines. The altcoin is trading above the $5.60 support but below the $6.40 resistance. A breakout from either trading range boundary will determine the direction of TON’s next move. The presence of doji candlesticks has stalled the price action so far.

As previously covered by Coinidol, Toncoin’s price recovery was halted last week as it failed to break above the moving average lines after reaching a high of $7.00.