Toncoin Price Forecast: TON Market Succumbs to Bearish Pressure

Toncoin Price Forecast: August 2

The Toncoin price forecast is for the market to head down for a proper test of the $0.9940 demand level before it re-ignites its bullish movement.

Toncoin Long-Term Trend: Bullish (1-Day Chart)

Key Levels:
Zones of supply: $1.8100, $2.0040, $2.6220
Zones of Demand: $0.7420, $0.9940, $1.3680

TON has recently yielded to the increased selling pressure it faced. Notably, the price displayed a tapering movement within a triangular structure, resulting in a downward spike from $1.3680 to $0.9940, before retracing back to $1.3680. Due to this interrupted process, the buyers lacked the necessary momentum to drive the price further upward, leading the coin towards a crucial test of the $0.9940 support level.

Toncoin Price Forecast: TON Outlook

The price has been exhibiting a tapering movement within a triangular structure. This eventually leads to a downward spike from $1.3680 to $0.9940, before rebounding back to $1.3680.

However, the buyers lacked sufficient momentum to push the price higher, causing the coin to head back downward towards a crucial test of the $0.9940 support level.

On the daily chart, the 50-day Moving Average (MA) remained above the price, contributing to the downward pressure on the market.

Toncoin Medium-Term Trend: Bullish (4-hour chart)

The MACD (Moving Average Convergence Divergence) indicator on the daily chart also reflects a negative turn, failing to surpass the zero level and further indicating the market’s decline under pressure.

Zooming into the 4-hour chart, the 50-day MA is positioned just above the candlesticks, intensifying the pressure. The MACD experienced a significant drop, although some temporary relief was observed. Despite this, the market is anticipated to undergo a test of the $0.9940 support level before potentially recovering and moving upward again.

 

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