The Toncoin cryptocurrency market is showing a decline in rates. We will look at the current state and forecasts for the near future.
Current State of the Toncoin Market
The rate of Toncoin (TON) has declined by 9.45% over the last day. At press time, Toncoin is trading at $3.070.
Short-term Forecast
On the hourly chart, the price of TON might have set a local resistance at $3.076. If the daily bar closes around that mark or above it, growth is likely to continue to the $3.20 area soon.
Mid-term Expectations
On the bigger time frame, the rate of TON has made a false breakout of the support at $2.910. If the candle closes with a long wick, traders may witness a bounce off to the $3.10-$3.20 range by the end of the week. From the midterm point of view, one should focus on the bar's closure in terms of the $2.910 level. If it happens near it and with no long wick, the accumulated energy might be enough for a dump to the $2.50 range.
Toncoin continues to fluctuate under the pressure of the bear market. In the long term, it is essential to pay attention to key support and resistance levels to better understand potential market movements.
