Can Toncoin Break the $5.31 Barrier and Soar to $7.9? Key Resistance Levels in Focus

Toncoin price is testing a critical resistance level at $5.31. A successful breakout could lead to a surge toward $7.9, while failure may trigger a price drop to $3.7, with key indicators showing mixed signals.

Toncoin (TON) has shown promising growth over the last 24 hours, similar to other cryptocurrencies in the market. However, the token is now facing a crucial resistance level at $5.31. Whether Toncoin breaks through this barrier will determine its next move, with the potential for a massive surge or a downward correction.

According to CoinMarketCap, Toncoin’s price surged by 4% in the past 24 hours, with a current trading price of $5.31 and a market capitalization exceeding $13 million. This makes it the ninth-largest cryptocurrency by market cap. Despite this price increase, only 26% of the total TON addresses are currently in profit, with 15.4 million addresses seeing gains.

This could soon change if Toncoin manages to break above its resistance level. Analysis of Toncoin’s daily chart by AMBCrypto reveals that the token is about to test this key level. If a bullish breakout occurs, investors may see Toncoin hitting $6.8, with a potential rally up to $7.9.

On-chain data also supports a potential price rise. According to Santiment, Toncoin’s supply on exchanges has decreased sharply, while its supply outside of exchanges has increased. This shift signals increased buying pressure as investors accumulate the token. However, a conflicting signal comes from Toncoin’s whales, as the supply held by top addresses has declined. Data from Hyblock Capital also shows that the whale vs. retail delta dropped from 100 to 59, indicating reduced whale exposure in the market—a bearish sign.

Technical indicators offer a mixed outlook. The MACD (Moving Average Convergence Divergence) displayed a bullish crossover, suggesting upward momentum. The Chaikin Money Flow (CMF) and Money Flow Index (MFI) also registered an uptick, indicating rising buying pressure and a potential price increase in the near future.

Hyblock Capital’s analysis suggests that if Toncoin continues its upward movement, it could soon reach $5.7, at which point the token may face a correction as liquidation pressure increases. However, if bearish sentiment takes over, Toncoin could drop to $3.7 in the coming days.

In conclusion, Toncoin is at a pivotal moment. A breakout above $5.31 could trigger a strong rally, potentially reclaiming the $7.9 level. Conversely, failure to break resistance could lead to a correction, with prices possibly falling toward $3.7.

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