By Key Points
- Toncoin dodges a 41% price crash, hinting at a bullish price reversal.
- MACD shows receding bearish momentum, supporting a positive Toncoin price prediction.
- Low selling pressure from investors helps maintain price stability.
- A breakout above $6.04 could push Toncoin’s price to $7.09.
Toncoin (TON) has recently avoided a significant 41% crash, leaving the market hopeful for a price rebound.
As the Telegram-linked cryptocurrency inches closer to a key price level, investors are paying close attention to this Toncoin price prediction. The focus now shifts to whether Toncoin can reclaim the $6 mark, which could trigger a sustained rally.
The Toncoin price prediction relies heavily on current market signals. One such indicator is the Moving Average Convergence Divergence (MACD), which is showing signs of a potential bullish crossover.
This could suggest an incoming price rise, as bearish momentum seems to be losing steam. At the moment, the MACD bars on the histogram show a decrease in bearish pressure, signaling that Toncoin’s downward trajectory might be coming to an end.
Toncoin (TON) Escapes 41% Crash, Aims at Reclaiming $6 #Toncoin #TON #Escapes #Crash #Aims #Reclaiming https://t.co/ImSF7kqmv7
— CoinWebKo (@CoinWebKo) September 15, 2024
Low Selling Pressure Supports Bullish Toncoin Price Prediction
Another important aspect of the Toncoin price prediction is investor behavior. Recent data shows that only 16% of active addresses are in profit, meaning there’s relatively low selling pressure in the market.
Generally, when a higher percentage of investors are in profit, they tend to sell, which could drive the price downward. However, with such a low-profit percentage, there’s less incentive to sell, which may contribute to price stability.
In addition, Toncoin is currently trading at $5.62, close to invalidating the bearish head-and-shoulders pattern that signaled a potential drop to $2.79.
This is an important moment for Toncoin, as breaking certain resistance levels could completely shift market sentiment.
Key Resistance at $6.04: The Next Big Move for Toncoin
For the Toncoin price prediction to hold, the cryptocurrency must break the $6.04 resistance level. Flipping this level from resistance to support would confirm a bullish shift, giving Toncoin the green light to aim for its next major target of $7.09.
This price level represents a critical resistance point and could fuel further buying interest, pushing the price higher.
If the price breaks $6.04, Toncoin could surge, bringing substantial profits to its investors. This Toncoin price prediction aligns with broader market sentiment, which seems cautiously optimistic about the coin’s prospects in the short to medium term.
However, should the $6.04 resistance level prove too strong, Toncoin could face a retracement to $4.80, or even lower, to $4.29. A drop below $4.80 would invalidate the bullish outlook and could bring about further downward pressure.
