Toncoin Price Rise Above $6 Delayed, Not Stopped

Toncoin (TON) price recently failed to break through a key resistance level of $6, which is an important psychological barrier. Although the altcoin reached $5.96, it failed to consolidate above this price to turn it into a support level.

However, despite this, there is still room for recovery. It is important to note that Toncoin still has room for further growth.

Toncoin’s macroeconomic indicators have started to show signs of weakening. The MACD (Moving Average Convergence Divergence) indicator, widely used to assess momentum, is indicating a decline in bullish sentiment. The decline in the green bars on the histogram confirms this trend, indicating a weakening upward movement.

However, this does not mean a complete trend reversal. As long as the MACD remains above the neutral line, there is no clear bearish trend. A drop below this zone would confirm a shift to a bearish trend, but at the moment, Toncoin is in a vulnerable but uncertain state.

Despite the general concerns, the market sentiment around Toncoin has improved, especially due to the decline in the share of short-term investors. These investors, who typically hold assets for less than a month, are prone to quick selling, which often leads to price volatility. Over the past ten days, the share of such investors has decreased from 26% to 15%, a significant drop of 11%.

This shift is key, as readings above 25% usually signal potential bearish pressure. With fewer short-term holders, the risk of a sharp sell-off is reduced, helping to stabilize the price of Toncoin and reducing the likelihood of an immediate decline.

Toncoin is currently trading at $5.81 after failing to break above the $5.96 resistance. This resistance is key for the cryptocurrency, as breaking it would pave the way for an attempt to cross the $6.00 mark, which has remained elusive so far.

Despite the failure, Toncoin still has a chance to turn the $5.96 level into support. If successful, a rally could begin that would push the altcoin to a new high, with the bulls targeting $6.36.

However, if Toncoin fails to break above $5.96 again and the upward momentum continues to weaken, the asset could enter a consolidation phase. In such a case, the Toncoin price is likely to fluctuate between $5.37 and $5.96, which could call into question the current bullish outlook.