By Guest 
TON Coin Struggles to Break Key Resistance Level of $6. Despite reaching $5.96, the asset couldn’t solidify this price as a support level and ultimately fell short of reaching this target.
TON Coin (TON) recently faced a setback in breaking through the crucial psychological barrier at $6, a significant milestone. Despite reaching $5.96, the asset couldn’t solidify this price as a support level and ultimately fell short of reaching this target.
There is still a possibility of improvement and upward movement in the price of TON. Analyses suggest that this digital currency maintains the potential for higher price growth and could witness a price surge in the near future.
TON Coin Still Has a Chance to Rise
The momentum of TON Coin has begun showing signs of weakness. The Moving Average Convergence Divergence (MACD), commonly used to gauge momentum, indicates a weakening uptrend. The decrease in the green bars on this indicator reflects this trend.
However, this doesn’t signify a complete bearish trend. As long as the MACD remains above the neutral line, there are no definitive signs of a downturn. A drop below this neutral line would confirm a shift towards a bearish trend. Currently, TON Coin finds itself vulnerable and somewhat uncertain.
Market sentiment, particularly with the decrease in short-term investors’ dominance, has improved concerning TON Coin. These investors typically hold assets for less than a month and often contribute to price fluctuations with quick sales. Over the past ten days, the share of these investors has decreased from 26% to 15%.
This shift is significant as values above 25% typically indicate potential bearish pressure. With a reduction in the number of short-term holders, the risk of severe selling diminishes, aiding in price stabilization for TON and reducing the likelihood of an immediate downturn.
Price Forecast for TON; Obstacles Ahead
At the time of writing, TON Coin is trading at $5.83 and has recently struggled to break the $5.96 resistance. This resistance level is crucial for this digital asset as breaking it clears the path to surpassing the $6.00 mark, which remains elusive.
Despite the failure to breach this resistance, TON Coin still has the opportunity to turn $5.96 into a support level. Success in this endeavor could propel TON Coin with a rally towards higher levels; in this case, $6.36 would be the next target for investors.
However, if TON fails once again to surpass the $5.96 level and the upward momentum continues to decline, the asset may enter a phase of price stabilization. This could lead to price oscillations between $5.37 and $5.96, potentially undermining the current bullish outlook.