Toncoin Price Forecast: TONUSD Bulls Weaken After Consolidation Breakout

Toncoin Price Forecast: March 6

The Toncoin price forecast is for the market to stabilize itself above the consolidation zone, as failure to do this will result in a drop back into the consolidation zone.

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

Key Levels:
Zones of supply: $2.77, $2.95
Zones of Demand: $2.48, $1.98

Toncoin finally exited the consolidation zone in which it has been ranging since early December last year. In theory, the price has been facing resistance from the consolidation zone since it surged in mid September last year. However, the consolidation was confirmed when the coin dropped off its rising trendline. At this point in time, the price has broken out of the consolidation, after which the bulls have weakened.

Toncoin Price Forecast: TON Outlook

Toncoin has recently exited the consolidation zone that characterized its price movements since early December last year.

Theoretical resistance from this zone has been apparent since a surge in mid-September, confirmed by a deviation from its rising trendline.

The breakout from consolidation, however, has now coincided with a weakening stance from the bulls after they expended much strength.

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

The critical question is whether the market can solidify itself at a key level above the consolidation zone or revert to it. The breakout of the price to $2.95 has led to the placement of the Parabolic SAR dots below the daily candles. The Stochastic Oscillator lines have also likewise surged to the overbought border in reaction to the breakout.

In the 4-hour timeframe, a downward spike of one candle below $2.48 was followed by a swift market recovery, pulling it back from a plunge into consolidation. However, the market’s instability is evident as the Parabolic SAR dots have switched above the candles, suggesting bearish pressure. The Stochastic indicator fluctuates between the overbought border and the 50 mark, indicating a potential buying base to support the price. Careful monitoring is advised in this volatile market environment.

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