At the time of writing of the last TomoChain (TOMO) price prediction article, we expected the bull flag pattern to be resolved to the upside if the buyers managed to hold onto the interim support at $0.85, which they ultimately did, and TOMO exploded to the upside and added 82% to its value in just 11 days, peaking at $1.55.
1-day TOMO/USDT chart
But after the failed attempt to establish the foothold above $1.3, TOMO went into a lengthy correction that was aggravated by the two selloffs at the beginning of September and October, which led to the price being dragged to the previous support at $0.58. Upon spending two weeks consolidating near that support, TOMO engaged in another bull rally that helped it to recover by 55%, but its strive to the upside was stopped abruptly at $1.2, forcing the DeFi coin to collapse beneath $0.77, the upper line of what now shapes up to become a consolidation channel, with its lower level sitting at $0.58.
However, the probability of TomoChain breaking this channel to the downside is also quite high because the price had failed to establish a new higher high as the result of the last rally, making a clear-cut lower high that now threatens the entire uptrend structure.
Moreover, MACD has again descended into the bearish control zone, which could only mean that the selling pressure will continue to mount, and the price might fall to $0.4 before the indicator once again reaches the oversold bottom at -0.1.
Apart from that, we need to take into account a big descending triangle that stems from the top of the rally, reached in the middle of August. Traders have to wait for another seven to ten days for the resolution of that pattern, but the behavior of MACD, and the general conjuncture on the cryptocurrency market, dictates that TomoChain could be traveling south in the immediate future, with the most probable downside support levels being established at $0.58 and $0.45, both of which would mark the eradication of nearly all gains made this year.
Nevertheless, our outlook regarding TOMO is not entirely bearish as the buyers are doing a nice job of not letting the price slip too far beneath the trend-determining 200 EMA, which keeps flowing to the upside, though the angle of that flow has been flattening out over the course of the correction. Until TOMO uses this EMA as support, the chance remains for the resolution of the triangle to the upside, on the condition that MACD would return into the bullish control zone, along with a visible increase in buying volume.
If the price does break the resistance at $0.77 to the upside, the price target will stand at $0.93, the upper line of the descending triangle, which would bring the 28% profit to those who decide to go long on TOMO at this junction, though this kind of trade surely carries additional risks. We would advise waiting until the price goes above the 50 EMA before entering the trade - it would reduce the potential profit but also cut down the risks significantly.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||68%||67||$61 588.76||3.87%||12.21%||$1 160 654 808 429|
|2||ETH||Ethereum predictions||68.4%||64||$3 935.76||4.02%||8.99%||$464 217 131 709|
|3||BNB||Binance Coin predictions||68.4%||61||$477.91||4.02%||12.77%||$80 354 124 867|
|4||ADA||Cardano predictions||82.4%||27||$2.23||3.45%||-1.97%||$73 223 941 889|
|5||USDT||Tether predictions||93.2%||1||$0.999808||-0.07%||-0.05%||$68 747 855 911|
|6||XRP||XRP predictions||71.2%||56||$1.16||3.94%||6.41%||$54 401 475 546|
|7||SOL||Solana predictions||70%||55||$162.44||2.24%||1.85%||$48 775 462 180|
|8||DOT||Polkadot predictions||72%||57||$43.27||8.10%||24.77%||$42 734 879 170|
|9||USDC||USD Coin predictions||93.2%||1||$0.999981||-0.03%||-0.01%||$32 808 075 707|
|10||DOGE||Dogecoin predictions||70%||59||$0.239602||5.33%||-2.96%||$31 560 175 921|
|11||UNI||UniSwap predictions||71.2%||57||$26.42||2.81%||3.61%||$16 156 779 856|
|12||LUNA||Terra predictions||71.6%||59||$38.10||3.77%||-12.78%||$15 312 748 081|
|13||WBTC||Wrapped Bitcoin predictions||70.4%||66||$61 590.13||3.85%||12.20%||$13 289 021 167|
|14||LTC||Litecoin predictions||71.6%||60||$190.95||6.14%||5.63%||$13 130 242 173|
|15||BUSD||Binance USD predictions||92%||1||$0.999959||-0.05%||-0.02%||$13 073 024 181|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.