Toncoin (TON) Price Forecast: Range Bound Movement
The price of Toncoin (TON) is currently on an uptrend after surpassing the 21-day Simple Moving Average (SMA). The cryptocurrency’s price is fluctuating between the moving average lines, indicating a range-bound movement.
Long-Term Outlook for Toncoin Price: Price Range
The forecast for Toncoin suggests that the cryptocurrency will continue to trade within the moving average lines until a new trend emerges. During the previous sideways movement, TON’s price fluctuated between $5 and $8. It is anticipated that any positive momentum will face resistance at $7 or the 50-day SMA.
- If the bulls manage to break the resistance at the 50-day SMA, the price of TON could rise above $8.
- On the contrary, a drop below the 21-day SMA could lead TON to fall below the moving average lines.
- Currently, TON is valued at $6.67.
Analysis of Toncoin Indicators
Despite the rising prices, Toncoin remains confined between the moving average lines. The cryptocurrency is above the 21-day SMA but below the 50-day SMA, indicating a potential breakout once the moving average lines are breached. The horizontal movement of the moving average lines implies a sideways trend, with Doji candles dominating the price activity of TON.
Technical Indicators
- Resistance Levels: $6.00, $8.00, $10.00
- Support Levels: $5.00, $3.00, $1.00
What Lies Ahead for Toncoin?
Currently, on the 4-hour chart, TON is consolidating above the $5 support and below the $7 resistance level. The daily chart’s moving average lines are constraining price movement, suggesting that a significant shift will occur once these lines are breached. As of now, TON is expected to continue trading within a narrow range in the coming days.
Recent reports from August 2 indicated that the price of Toncoin remained in a sideways movement, testing the $8 resistance level.
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