Market
Will Toncoin (TON) Succeed in Breaching $7?
Toncoin’s (TON) price has been struggling to close above a critical resistance level that may change with the emergence of Notcoin.
The investors favoring a rise over profit-taking could substantiate the uptrend TON notices.
Toncoin Is Safe From a Fall.
Toncoin’s price has benefited from the recent bullishness surrounding Notcoin (NOT). NOT is the native token of a web3 game on the Toncoin blockchain. The altcoin has surged by more than 220% in the past week, which has also instilled optimism of a rally among TON holders.
The market is positive towards a rise, with Moving Average Convergence Divergence (MACD) pointing in the same direction. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price, helping identify potential buy and sell signals.
It consists of the MACD line, the signal line, and a histogram to gauge market direction and momentum.
This indicator is at the cusp of a bullish crossover, which signifies a further rise is likely. Once the bars on the histogram turn green, this potential will be confirmed.
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Secondly, optimism also comes from TON holders’ lack of potential profit-taking. Upon observing the active addresses by profitability, it can be noted that less than 19% of the participating investors are currently profitable.
Investors in profit conducting transactions on the network tend to do so with the intention of securing their gains. However, since they are not dominating the network, any damage they could do is minimized.
TON Price Prediction: $7 Is in the Sights Again
A rally is on the cards if Toncoin’s price follows the aforementioned path. With TON changing hands at $6.6 at the time of writing, it could breach the barrier of $7.0. This resistance has kept the altcoin below it for weeks now.
A breakout could trigger bullishness across the market, pushing the price upwards. At the moment, $7.6 marks the all-time high, and if the optimism remains intact, Toncoin’s price could form a new ATH above $7.6.
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However, if the breach of $7.0 fails again, TON will lose this bullishness. While the next major support is at $6.5, Toncoin’s price has never stayed above it, making the altcoin vulnerable to a dip below. As a result, the bullish thesis will be invalidated.
Disclaimer
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