TON Coin (TON) is approaching the important psychological price level of $6, and market momentum is supporting its rise.
However, while reaching $6 seems possible, a rally beyond this point could meet resistance, slowing further price gains for the altcoin.
Toncoin price is bullish, but investors are not
TON is likely to break through the $5.93 barrier, as there is little resistance at this price. According to In/Out of the Money Around Price (IOMAP) data, about 61 million TON coins were purchased at this price range, worth $351 million, indicating weak demand.
On the other hand, the support between $5.48 and $5.65 is stronger. Around 628 million TON, or $3.6 billion, was purchased here. This suggests that this area will act as a solid support floor if the price is under downward pressure.
With relatively little upside resistance, TON Coin can easily break through $5.93. However, continued investor confidence and strong demand are needed to maintain the upward momentum.
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However, the overall macro momentum is showing signs of concern. The number of active addresses on the TONCOIN network has decreased by 31% over the past 11 days, from 3.5 million to 2.4 million. This decline in participation suggests that investors may be pulling back due to fears of volatility, which could slow the TONCOIN rally.
This reduced participation suggests that investor confidence may be weakening in the short term. While the support floor remains strong, the decline in active addresses could limit TON’s ability to sustain a long-term rally.
TON Price Prediction: Doing Our Best
TON is currently trading at $5.77 and is trying to break the major resistance level of $5.96. If this barrier breaks, TON could reach $6, which would be the highest for the altcoin in almost a month.
However, while a move above $5.96 seems possible, breaking the next resistance at $6.36 may be difficult. Breaking $6.36 as a support level would be important for TON to target $7, but this price point remains a long-term target.
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However, if there are investors who start taking profits at the current price level, TON may fail to break above $5.96. This is expected to disrupt the strong uptrend and keep TON Coin above the important $5.49 support level.
