Toncoin (TON) is approaching the critical psychological price level of $6.00, with market dynamics supporting its rise.
However, while reaching $6.00 seems achievable, gains above that mark could face resistance, potentially slowing any further rise in altcoin prices.
Toncoin price is bullish; Investors are not
Toncoin is likely to break through the $5.93 barrier as there is minimal resistance at this point. According to In/Out of the Money About Price (IOMAP), only 61 million tons were bought at that price, valued at about $351 million, indicating weak demand.
On the downside, support is stronger between $5.48 and $5.65, where about 628 million tonnes worth $3.6 billion were bought. This suggests that the zone will act as strong support if prices face downward pressure.
With relatively little resistance to growth, Toncoin could easily break through the $5.93 mark. However, to maintain its upward momentum, TON will require continued investor confidence and strong demand.
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However, broader macroeconomic momentum is showing signs of concern. Active addresses on the Toncoin network have fallen 31% over the past 11 days, decreasing from 3.5 million to 2.4 million. This decline in participation suggests that investors may retreat due to concerns about volatility, which could slow down Toncoin’s growth.
This decline in participation could signal weakening investor confidence in the short term. While support remains strong, a pullback in active addresses could limit TON’s ability to sustain a long-term rally.
TON price forecast: trying our best
Toncoin is currently trading at $5.77, aiming to break above the key resistance level at $5.96. If this barrier is broken, the price of TON could rise to $6.00, which would be a nearly one-month high for the altcoin.
However, while a move above $5.96 appears likely, breaking through the next resistance at $6.36 could prove challenging. Turning $6.36 into support is critical for Toncoin to reach the $7.00 target, although that price remains a long-term target.
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If investors start taking profits at current price levels, TON may not rise above $5.96. This will negate the bullish outlook and allow Toncoin to consolidate above the critical support level at $5.49, limiting further upward movement.
