Toncoin (TON) has recently dropped to $1.82, falling twice below its previous support level of $2.00. This breach signals a bearish outlook in the long-term forecast for Toncoin.
Prior to this decline, the cryptocurrency was trading within a range above the $2.00 support level. Currently, the price is fluctuating between the $1.80 support and the moving average lines. Bears are aiming to break below the $1.80 support level to push the price further down to $1.17 and potentially as low as $0.70.
On October 10, the negative trend saw Toncoin fall below the $1.17 low, reaching $0.70. However, buyers stepped in to purchase the dips, preventing a further freefall. At the time of writing, TON is trading around $1.83.
### Toncoin Indicator Analysis
Toncoin is now trading near the bottom of its chart range. The presence of long candlestick tails at the bottom suggests significant buying pressure from investors. Additionally, Doji candlesticks are dominating the recent price action, indicating indecision in the market and keeping the price within a tight range.
### What’s Next for Toncoin?
TON recently fell to a low of $1.79 but has managed to hold just above the critical $1.80 support level. Its upward momentum has stalled below the $1.85 resistance high and appears to be trending downwards once more.
If the bears succeed in breaking the $1.80 support, it is likely that TON will resume its decline. For now, the cryptocurrency is oscillating above this support, and its next move will depend on whether buyers can maintain this level or if sellers will push the price lower.
Traders and investors should watch the $1.80 support closely to gauge Toncoin’s near-term direction.
https://coinidol.com/ton-continues-decline/
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