TON is in a Close Range above $1.20

Toncoin’s (TON) price has reached the 21-day SMA barrier and is now retreating towards its critical support level of $1.20.

TON price long-term forecast: ranging

Since January 31, as Coinidol.com wrote, the cryptocurrency has remained above the $1.20 support. Bulls are expected to buy the dips if bears push the price below $1.20.

Today, TON is declining after being rejected at the 21-day SMA barrier. Upward movement has been limited below the moving average lines. TON is likely to fall but remain above the $1.20 support as it continues its range-bound movement. The altcoin’s bullish momentum will resume if buyers keep the price above the moving average lines.

Meanwhile, TON will continue to trade within its range as Doji candlesticks form. TON is currently is at $1.23.

Technical Indicators

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

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

Toncoin indicator analysis

For the past two months, the cryptocurrency price has remained below the horizontal moving average lines. Buyers have not managed to sustain the price above these lines, preventing a bullish trend from resuming.

However, on the 4-hour chart, the price fluctuates both below and above the moving average lines. Upward movement has been capped below $1.26 due to the sideways trend.

What is the next move for Toncoin?

The TON price has dropped below the moving average lines after being rejected at $1.26. On the 4-hour chart, TON is trading in a close range above the $1.20 support but below the moving average lines and the resistance at $1.26. The cryptocurrency price is decreasing, but sellers have been unable to push it below the $1.20 barrier. The long candlestick tails indicate significant buying pressure near the $1.20 support.

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.