TON Retracts but Stabilises above $1.70

Toncoin’s (TON) bullish advance has paused after reaching a high of $1.93.

TON price long-term forecast: bullish

The cryptocurrency has retraced but regained support above the moving averages. Yesterday, TON is stabilising above the moving average lines as bulls and bears compete for price control.

On the downside, bearish momentum may continue if bears push the price below the moving average lines. TON could fall to lows of $1.56 and $1.42.

However, the upward trend may resume if the altcoin retraces and remains above the 21-day SMA support. TON will then rise and test its previous highs of $1.93 and $2.00. If the current barrier is surpassed, bullish momentum could drive the price to a high of $2.36.

Technical Indicators

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  Key Resistance Zones: $4.00, $4.50, and $5.00

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  Key Support Zones: $3.50, $3.00, and $2.50

TON price indicators analysis

The price bars are above the upward-sloping moving average lines. The 21-day SMA is rising above the 50-day SMA support, indicating a current uptrend. Doji candlesticks have reappeared in the bullish trend as traders remain uncertain about the market’s direction. The price bars are below the downward-sloping moving average lines, indicating the cryptocurrency’s present retracement.

What is the next move for TON?

TON’s price has retraced and is now hovering above the $1.70 support level on the 4-hour chart. The moving average lines, or resistance at $1.80, are impeding upward movement, and the price is stabilising above its support but below the 21-day SMA. TON is expected to experience a price rebound or breakdown as it trades within a tight range.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.