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Toncoin Price Prediction: TON Price Fell 8%; Will it Bounce Back?

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Toncoin Price Prediction: TON Price Fell 8%; Will it Bounce Back?
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Toncoin price prediction suggests a long-term rise until it sustains above the $2.00 level. It is forming a bullish hammer candle and buyers are trying their best to rebound. 

Recently, the TON price witnessed a sharp decline and fell more than 8% approx in a single day. Sellers tried to drag the price below the $2.00 level to erode the previous gains. However, the buyers were luckily active and succeeded in giving a bounce. 

The Toncoin crypto price still holds the 200-day EMA, showcasing that the positional trend is in the upward direction. However, the short-term trend seems to be reversing but confirmation is awaited. 

At the beginning of November, the TON coin price gained momentum and attempted to break out of the $2.700 hurdle. That attempt failed and the price faced sharp rejection. 

Slowly and steadily, it begins to decline by forming lower low candles and retrace back to the 50-day EMA. 

Later, it consolidated for a few weeks in the narrow range and bulls tried to absorb the selloff. Sadly, sellers won the battle in the consolidation which triggered the further selloff. 

Will Toncoin Price Retest the Previous Swing High?

Toncoin Price Prediction: TON Price Fell 8%; Will it Bounce Back?
Source: TON/USDT daily chart by Tradingview

Toncoin price prediction suggests bulls are active near the demand zone so the price may continue the recovery. If the buyers succeed in climbing above the 50-day EMA, it will increase the possibility of retesting the previous high. 

On the lower side, $1.800 to $2.000 is acting as a strong demand zone for the bulls. Till the price sustains above the demand zone the TON crypto remains bullish for the long term. Therefore, it’s better to bullish bets and stay with the positional trend.

TON Price Respected the Demand Zone

The TON price respected the demand zone and showed a decent bounce. However, the price action reveals that bulls had lost momentum and it will be difficult for them to dominate on higher levels. 

Until the TON crypto price succeeds in breaking out of the $2.777 level, sellers will remain active and restrict the further upside. Therefore, investors must be careful on higher levels and wait for a breakout to inject big money.

Conclusion

Toncoin price prediction favors the bulls and suggests a rise in the long run. However, for the short term TON price looks mildly bearish and may spend some time in a narrow range consolidation.

Technical levels
  • Resistance levels: $2.400 and $2.777
  • Support levels: $1.800 and $1.692
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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