Toncoin Faces Resistance at $6 but Remains Poised for Recovery

Toncoin (TON) struggles to breach the $6 barrier, with its price stalling at $5.96. Despite weakening momentum, long-term potential remains as fewer short-term investors reduce market volatility.

Toncoin (TON), one of the leading altcoins, recently hit a key resistance level at $5.96 but failed to break through the crucial psychological barrier of $6.00. Although this may appear as a temporary setback for the cryptocurrency, TON still holds the potential for an upward rally.

Signs of Momentum Weakening

The Moving Average Convergence Divergence (MACD) indicator—a widely used tool to assess market momentum—suggests that Toncoin’s bullish momentum is losing steam. The receding green bars on the MACD histogram point to a loss of buying strength, which indicates that the bullish trend might be weakening.

However, this does not necessarily imply a complete reversal. As long as the MACD stays above the neutral line, it remains in bullish territory. A drop below the neutral zone would confirm a bearish shift, but Toncoin’s price action has not yet reached this critical level. For now, the coin remains in a vulnerable yet undecided phase.

Changing Investor Behavior Could Stabilize Prices

One of the key developments in Toncoin’s market has been the decline of short-term investors who hold assets for less than a month. These investors, prone to quick selling, often contribute to market volatility. Over the past ten days, the percentage of short-term holders has dropped from 26% to 15%, a significant 11% decline.

This shift in investor behavior is crucial for price stability. When the share of short-term investors exceeds 25%, the market typically experiences higher volatility and increased bearish pressure. The reduction in such investors suggests that Toncoin’s price may stabilize, reducing the risk of a sharp sell-off in the near term.

Next Steps: Key Resistance and Price Targets

Toncoin is currently trading at $5.81, and the $5.96 resistance remains a pivotal level for the cryptocurrency. A successful break above this resistance would open the door for a more substantial rally, with $6.36 being the next target for bullish investors.

Breaking above the $6.00 mark would be a major milestone for Toncoin, signaling a renewed push towards higher levels. If TON can flip $5.96 into a support level, it could build momentum for another attempt to push higher in the coming weeks.

While the current sentiment suggests caution, the potential for upward movement remains strong. If Toncoin can break past this resistance, it may attract more buyers, further driving the price higher.

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