Analysis of Toncoin Latest Price Trend 📊
Cryptocurrency experts have observed that Toncoin (TON) is currently showing a sideways trend after testing the crucial $8.00 resistance level. Let’s take a closer look at the long-term forecast for Toncoin’s price movement.
Toncoin’s Price Long Term Prediction: Bullish 📈
TON has been on a bullish trajectory, maintaining an uptrend since surpassing the $2.80 resistance level. However, starting from April 12, the upward momentum has come to a halt, resulting in a horizontal pattern. Toncoin is now trading within the price range of $5.00 to $8.00, with buyers actively engaging in trades to uphold the price above the critical $8.00 mark. If Toncoin successfully breaks through this resistance barrier, it is expected to surge towards $10.42. However, with each retest of the overhead resistance, Toncoin tends to dip below the moving average lines. As of now, the price has dropped below the moving average lines, indicating a potential decline towards the current support level of $6.50 unless buyers intervene to maintain the current price range. The current value of Toncoin stands at $7.22.
Toncoin Indicator Analysis 📉
The moving average lines show Toncoin falling within the range. A further drop in price may occur if it breaches the 50-day SMA support. On the contrary, a breakthrough above the 21-day SMA barrier could signal a resumption of the upward trend. Despite the recent decline, the moving average lines on both charts demonstrate a horizontal pattern.
Technical Indicators 📈
- Resistance levels: $6.00, $8.00, $10.00
- Support levels: $5.00, $3.00, $1.00
What’s Coming Up Next for Toncoin? 🚀
The 4-hour chart indicates that Toncoin is currently moving within the range of $6.80 to $8.00, showing a bearish trend and approaching the existing support level of $6.80 that has been holding strong since June 7. A sustained stay above this support level may trigger a bullish reversal in the near future.
Hot Take: Final Thoughts on Toncoin’s Price Movement 🌟
The recent sideways trend in Toncoin’s price reflects a period of consolidation after encountering significant resistance at $8.00. While the coin remains in a bullish trajectory in the long term, with the potential to surge above $10.00, it currently faces the challenge of maintaining support above $6.50 to avoid further declines. Traders should closely monitor the price action around the critical levels to assess potential breakout scenarios and adjust their strategies accordingly.
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