Toncoin (TON) recently faced a key resistance at the $6.00 level but fell short, peaking at $5.96 before losing momentum. Although this psychological barrier wasn’t flipped into support, Toncoin still holds potential for recovery.
Toncoin’s Momentum Shows Weakness
Toncoin’s bullish momentum is fading, as shown by the Moving Average Convergence Divergence (MACD) indicator. The receding green bars on the MACD histogram suggest that the altcoin is losing steam. However, the MACD line remains above neutral, indicating that the asset hasn’t fully shifted to a bearish trend. A move below the neutral line would confirm this, but for now, Toncoin is in a vulnerable yet undecided position.
Market Sentiment Improves
Despite this dip in momentum, Toncoin’s market sentiment has seen positive changes. Notably, the share of short-term investors—those who hold for less than a month—has dropped significantly from 26% to 15% in the past ten days. This reduction in short-term holders decreases volatility and the risk of a sharp sell-off, helping stabilize the asset.
Toncoin Price Prediction: Key Resistance Ahead
Currently, Toncoin is trading around $5.81, just shy of its recent high of $5.96. Breaking this level is crucial for Toncoin’s price action, as it would pave the way to test the $6.00 mark again. Should it succeed in flipping $5.96 into support, a rally could follow, with the next target being $6.36.
However, if Toncoin fails to break $5.96 again, the asset may enter a consolidation phase, potentially trading between $5.37 and $5.96. This could invalidate the current bullish outlook and lead to stagnation.
