CandleFocus Toncoin Risks To Decline As Price Encounters Rejection At $7.00
2024-10-06
Author: Content Editor
The price of Toncoin (TON) has fallen below the moving average lines and is currently trading below the 21-day SMA resistance. If the cryptocurrency falls below the 50-day SMA support, selling pressure will likely increase. A retracement candle tested the 61.8% Fibonacci retracement line, suggesting that TON could fall even further to the 1.618 Fibonacci extension or $2.74. Currently, TON is trading at $5.31 and is trending downwards. Resistance levels are at $6.00, $8.00, and $10.00, while support levels are at $5.00, $3.00, and $1.00. The cryptocurrency has remained trapped between the moving average lines since August 19, indicating further potential for decline. The current price range for TON is between $4.60 and $6.10, and if the $5.00 support is broken, the downtrend is expected to resume. This analysis and forecast reflect the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency. Readers are advised to do their own research before investing.
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