TON Loses Important Support And Slides To A Low Of $4.00

Cryptocurrency price analysis brought by Coinidol.com. The price of Toncoin (TON) has been falling as it has lost the critical support of $5.00.

Toncoin price long term forecast: bearish

Since December 20, the price of the altcoin has been hovering between $5.00 and $6.00. The bears have broken the $5.00 support three times. Each time, the bulls will buy the dips and the altcoin will rise above the $5.00 support. If the bearish momentum continues, the altcoin will fall to a low of $4.00. 

Meanwhile, TON corrects higher as buyers try to reclaim the $5.00 support. TON is trading marginally due to the presence of doji candlesticks. The altcoin is worth $4.93 at the time of writing.

Toncoin indicator analysis

The moving average lines are trending downwards, indicating a downtrend. The 21-day SMA serves as a resistance line for the price bars. Long candlestick tails indicate lower price levels. This indicates significant buying pressure at low price levels.

Technical indicators

Resistance levels: $6.00, $8.00, $10.00

Support levels: $5.00, $3.00, $1.00

What is the next move for Toncoin?

TON drops below the moving average lines. The bears have broken through the $5.00 support and TON falls to the next support level of $4.00. The price of the cryptocurrency has followed a pattern of lower highs and lower lows. TON is trading between the $4.60 support and below the moving average lines. The current downtrend will end if the altcoin retraces and holds above the $4.00 level.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.