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The upward correction ended at the 50-day SMA or the resistance level of $6.00. In other words, TON is currently trading above the support level of the 21-day SMA but below the resistance level of the 50-day SMA.
If the current support and resistance levels are breached, the cryptocurrency will start trending. The altcoin is now valued at $5.53. If the 50-day SMA is broken, TON will rise to the highs of $7.50 and $8.00. Conversely, if the bears break below the support level of the 21-day SMA, TON will decline.
The altcoin will crash again and fall to the previous low of $4.70. The altcoin is currently oscillating between the moving averages.
Toncoin Indicator Analysis
The cryptocurrency is trapped between the support level of the 21-day SMA and the resistance level of the 50-day SMA. The altcoin will continue to be trapped for a few days until a trend is determined. A doji candlestick has formed, gradually pushing the price higher.
Technical Indicators
TON is in an uptrend but is blocked by the 50-day SMA. Price signals indicate that if the bears successfully break below the support level of the 21-day SMA, the altcoin will decline further. Currently, the altcoin remains above $5.30, which is the support level of the 21-day SMA.
Long-term Forecast for Toncoin: Bearish
Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.
Sentiment: Neutral
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