Toncoin (TON) recently attempted to break the key resistance level of $6.00 but fell short. Despite briefly reaching $5.96, the cryptocurrency couldn’t maintain the upward momentum to turn this resistance into support. Although this setback slowed its rise, Toncoin still holds potential for upward movement.
Toncoin Holds Recovery Potential
Toncoin’s macro momentum shows signs of weakening, but a recovery remains possible. The Moving Average Convergence Divergence (MACD) indicator, used to gauge momentum, reveals that the bullish trend is losing steam. The shrinking green bars on the histogram reflect this fading momentum. However, it is important to note that this doesn’t confirm a bearish trend just yet.
As long as the MACD stays above the neutral line, bearishness is not confirmed. A dip below the neutral zone would signal a shift toward bearish sentiment. For now, Toncoin remains in a delicate position, with no clear indication of a strong downtrend.
Market Sentiment Shifts in Toncoin’s Favor
Toncoin’s market sentiment has improved recently, particularly due to a decline in short-term investor activity. Investors who hold assets for less than a month are often quick to sell, creating volatility in price movements. In the last ten days, the percentage of short-term holders dropped from 26% to 15%, an 11% reduction.
This shift matters because when short-term investor activity exceeds 25%, bearish pressure often increases. With fewer short-term holders, the risk of a sudden sell-off has lessened, helping to stabilize Toncoin’s price. As a result, the chances of an immediate bearish trend have decreased.
TON Price Prediction: Resistance and Consolidation
Toncoin currently trades at $5.81 after failing to break the $5.96 resistance level. This resistance remains crucial. If Toncoin successfully turns $5.96 into support, it could rally to $6.36. However, if bullish momentum continues to fade and Toncoin fails again at $5.96, it may enter a consolidation phase.
In this case, TON could trade between $5.37 and $5.96, possibly invalidating its current bullish outlook. Nonetheless, a breakout above $6.00 still holds promise for a future upward move.
