Toncoin price analysis

Toncoin (TON) has dropped to the 20-day EMA ($2.11) which is an important level to keep an eye on. In an uptrend, buyers generally buy the dips to the 20-day EMA.

TON/USDT daily chart. Source: TradingView

Here too, the bulls purchased the fall to the 20-day EMA on Sep. 27 but the long wick on the candlestick shows that the bears are selling at higher levels. If buyers maintain the price above the 20-day EMA, the TON/USDT pair will attempt a rally to the 61.8% Fibonacci retracement level of $2.40.

Meanwhile, sellers are likely to have other plans. They will try to yank the price below $2.07 and extend the correction to the next major support at the 50-day SMA ($1.76).

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