Toncoin Remains in Sideways Trend, Faces Resistance at $8.00

TON has been in a bullish market, maintaining an upward trend since breaking through the $2.80 resistance level. However, since April 12, the upward momentum has stalled, leaving a horizontal pattern. TON is currently hovering between the $5.00 and $8.00 price range, with buyers aggressively trading to keep it above the $8.00 resistance level. If TON breaks above this resistance, it could rise to $10.42. On each retest of the upper resistance, TON has dipped below the moving average line. Today, TON fell within the moving average range. If the altcoin’s price drops below the moving average, it may find support around the current $6.50 level; otherwise, it will remain within the moving average range, currently valued at $7.22.

Technical Analysis for Toncoin:

• TON is currently trading between the moving averages. A break below the 50-day SMA support could lead to further downside, while a breach of the 21-day SMA level would signal a potential uptrend. Despite recent declines, both moving averages remain relatively flat.

Key Levels:

• Resistance: $6.00, $8.00, $10.00
• Support: $5.00, $3.00, $1.00

Next Steps for Toncoin:

On the 4-hour chart, TON is fluctuating within the $6.80 to $8.00 range. It appears bearish and is approaching the current support at $6.80, which has held since June 7. If TON continues to hold above this support, a bullish reversal could occur.

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