Join WhatsApp Channel
Join Telegram ChannelTON Coin Struggles to Break Key Resistance Level of $6. Despite reaching $5.96, the asset was unable to strengthen this price as a support level and ultimately failed to reach this target.
TON Coin (TON) recently faced a setback in breaking the important psychological barrier at $6, a significant achievement. Despite reaching $5.96, the asset was unable to establish this price as a support level and ultimately failed to reach this target.
There is still the possibility of improvement and upward movement in TON prices. Analysis shows that this digital currency has the potential for higher price growth and may experience a price spike in the near future.
TON Coin Still Has a Chance to Rise
TON Coin's momentum is starting to show signs of weakening. Moving Average Convergence Divergence (MACD), commonly used to measure momentum, indicates a weakening uptrend. The decreasing green bar on this indicator reflects this trend.
However, this does not indicate a completely bearish trend. As long as MACD remains above the neutral line, there are no definite signs of a decline. A decline below this neutral line would confirm a shift towards a bearish trend. Currently, TON Coin feels itself vulnerable and somewhat uncertain.
Market sentiment, especially with the reduced dominance of short-term investors, has improved regarding TON Coin. These investors typically hold assets for less than a month and often contribute to price fluctuations with rapid sales. Over the last ten days, the share of these investors decreased from 26% to 15%.
This shift is significant because values above 25% usually indicate potential bearish pressure. With the number of short-term shareholders reduced, the risk of a massive sell-off is reduced, helping stabilize TON's price and reducing the likelihood of a decline in the near term.
Price Forecast for TON; Obstacles Ahead
At the time of writing, TON Coin is trading at $5.83 and has recently struggled to break the $5.96 resistance. This resistance level is very important for this digital asset because breaking it will pave the way to surpass the $6.00 mark, which is still difficult to achieve.
Despite failing to break this resistance, TON Coin still has a chance to turn $5.96 into a support level. Success in this endeavor could propel TON Coin towards greater heights; in this case, $6.36 would be the investor's next target.
However, if TON once again fails to surpass the $5.96 level and the upward momentum continues to decline, the asset may enter a price stabilization phase. This could cause price oscillations between $5.37 and $5.96, potentially undermining the current bullish outlook.