Toncoin (TON) Price Analysis: TON Corrects Higher as it Reaches the 50-Day Simple Moving Average Line

By the latest price analysis by Coinidol.com report, the price of Toncoin (TON) has fallen below the moving average lines after hitting the $7.20 level.

A recent price analysis by Coinidol.com shows that the price of Toncoin (TON) has dropped below the moving average lines after hitting the $7.20 level. The cryptocurrency dropped to a low of $4.78 before beginning a range-bound rise above the $5.00 support and below the moving average lines.

As the price reaches the 50-day simple moving average line, TON is correcting higher. The present uptrend is likely to be broken at the 50-day SMA line. However, a break above the moving average lines would indicate a continuation of the uptrend. On the other hand, selling pressure will increase again if TON falls below the 50-day SMA.

The bears will drive TON to a low of $3.65 if they can break through the $5.00 support. TON is currently trading at $5.64.

The price bars are below the moving average lines as the cryptocurrency is falling. The altcoin is currently in an upward correction that is approaching the moving average lines. On the 4-hour chart, the price bars are above the moving averages. TON will rise as long as it stays above the moving average lines.

Resistance Levels: $6.00, $8.00, $10.00

Support Levels: $5.00, $3.00, $1.00

On the 4-hour chart, TON is rising as the price bars are above the moving average lines. The altcoin will reach a high of $6.20, but could be rejected at this price. On the daily chart, TON will resume its uptrend if buyers keep the price above the moving average lines and break above the $6.50 resistance.