Toncoin (TON) Prediction for August 3

The weekend has started with an ongoing market drop, according to CoinMarketCap.

TON/USD

Toncoin (TON) has lost a lot of value today, falling by 7.39%.

On the hourly chart, the rate of TON is in the middle of the local channel between the support of $6.05 and the resistance of $6.204.

As most of the ATR has been passed, any sharp moves are unlikely to happen by the end of the day.

On the bigger time frame, one should pay attention to the vital level of $6. If the price gets below it, traders may witness an ongoing decline to the $5.50 range the upcoming week.

From the midterm point of view, there are no reversal signals yet. If the weekly candle closes around the current prices, the accumulated energy might be enough for a test of the $5-$5.50 zone soon.

TON is trading at $6.133 at press time.

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