Toncoin (TON) has successfully dodged a potential 41% price decline, as evolving market conditions indicate a promising uptrend for the coin associated with Telegram.
The positive outlook is bolstered by market indicators and the observation that TON holders are maintaining their positions instead of taking profits.
Toncoin Receives a Fresh Boost
From a technical standpoint, Toncoin’s broader momentum shows encouraging signs. The Moving Average Convergence Divergence (MACD) indicator is exhibiting a double-bottom bearish divergence, often hinting at a forthcoming price increase.
This indicator is also approaching the point of a bullish crossover, with histogram bars indicating a reduction in bearish sentiment. This change could significantly benefit Toncoin’s price.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Current market sentiment surrounding Toncoin appears to be stable. Recent data indicates that active addresses by profitability show diminished selling pressure. Those currently profitable account for less than 16% of all active addresses, a statistic that typically reflects a bullish trend.
A figure above 25% would often suggest bearish momentum, as elevated selling might deter the price. Thankfully, this scenario is not present, providing Toncoin with a chance to bounce back. At this time, the market’s cautious optimism hints at the possibility of additional price increases, given other factors align positively.
TON Price Forecast: Potential Upsurge
Currently, Toncoin is valued at $5.62, approaching the invalidation point of the bearish head-and-shoulders pattern that indicated a possible 41% decline to $2.79. A reversal of this bearish trend would be confirmed if Toncoin manages to turn $6.04 into a support level. Doing so would signal a sentiment shift, potentially setting the stage for sustained upward movement.
Should $6.04 be successfully surpassed, Toncoin may target $7.09, an important resistance point. Achieving this milestone would yield substantial returns for investors, thereby boosting confidence in the cryptocurrency’s long-term prospects. Such a rise could very well entice additional buyers, propelling Toncoin’s price trajectory upward in the forthcoming weeks.
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Conversely, failing to reclaim the $6.04 level could provoke a retracement to $4.80, the breakdown threshold. If Toncoin slips below this support, it may descend to $4.29, nullifying the current bullish outlook and increasing downward pressure on the market.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be interpreted as financial or investment advice. BeInCrypto strives to provide accurate and impartial reporting, but market conditions are subject to change without prior notice. Always perform your own research and consult with a financial advisor before making any investment decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
