Toncoin price analysis

Toncoin (TON) fell below the 20-day EMA ($2.09) on Sep. 30 and the bears thwarted attempts by the bulls to reclaim the level on Oct. 1.

TON/USDT daily chart. Source: TradingView

The bears are trying to solidify their position by sinking the price to the 50-day SMA ($1.86). This level may result in a rebound that is likely to face selling at the 20-day EMA.

If the price turns down from this resistance, it will suggest that the sentiment has turned bearish and traders are selling on rallies. That will increase the likelihood of a drop below the 50-day SMA.

On the contrary, if the price turns up and surges above the 20-day EMA, it will suggest that the markets have rejected the lower levels. The TON/USDT pair could then rise to $2.32 where the bears will again try to halt the up-move.

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