Toncoin (TON) recently faced challenges in breaking past the $6.00 mark, an important psychological level. Despite reaching $5.96, the coin couldn’t maintain the momentum to turn this level into solid support.Â
Still, hope remains for a possible recovery as Toncoin shows potential for upward movement.Â
Toncoin’s Momentum Shows WeaknessÂ
Recent data indicates weakening momentum for Toncoin. The MACD, an indicator that tracks price trends, reveals a drop in bullish strength. The shrinking green bars on the histogram suggest that momentum is fading.Â
However, this doesn’t mean a full reversal is happening. As long as the MACD stays above the neutral line, there’s no clear sign of a bearish trend. If it dips below, Toncoin might face stronger selling pressure.Â
Improved Market SentimentÂ
In positive news, fewer short-term investors are holding Toncoin. Over the past ten days, the percentage of these quick-sell investors fell from 26% to 15%. This decrease stabilizes the market, reducing the risk of sudden sell-offs, and improves the overall sentiment around Toncoin.Â
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Price Prediction: Resistance AheadÂ
Currently trading at $5.81, Toncoin recently struggled to break the resistance at $5.96. Breaking this barrier would be key for a run toward the elusive $6.00 level. If it manages to flip $5.96 into support, Toncoin could climb higher, with the next target around $6.36.Â
However, if the coin fails again at $5.96 and momentum keeps weakening, it may enter a period of consolidation, trading between $5.37 and $5.96. This could signal a pause in the current bullish outlook.Â
