Markets
Will Toncoin (TON) manage to surpass $7?
Toncoin (TON) price is struggling to close above a critical resistance level which could change with the emergence of Notcoin.
Investors favoring upside rather than profit-taking could justify TON’s bullish trend views.
Toncoin is safe from a fall.
Toncoin price has benefited from the recent uptrend surrounding Notcoin (NOT). NOT is the native token of a web3 game on the Toncoin blockchain. The altcoin has surged more than 220% over the past week, which has also prompted optimism of a rally among TON holders.
The market is positive towards a rise, with the 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 to identify potential buy and sell signals.
It consists of the MACD line, signal line and a histogram to assess market direction and dynamics.
This indicator is on the cusp of a bullish crossover, which means that further rise is likely. Once the histogram bars turn green, this potential will be confirmed.
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Toncoin MACD. Source: Trading View
Second, optimism also comes from The lack of potential profit of TON holdersking. Looking at active addresses by profitability, we see that less than 19% of participating investors are currently profitable.
Investors who trade for profit on the network tend to do so with the intention of securing their gains. However, because they do not dominate the network, the damage they could cause is minimized.
TON Price Prediction: $7 is in its sights again
A rally is possible if Toncoin price follows the aforementioned path. With TON changing hands at $6.6 at the time of writing, it could break through the $7.0 barrier. This resistance has kept the altcoin below for weeks now.
A breakout could trigger an uptrend in the market, pushing the price higher. Currently, $7.6 marks the all-time high, and if optimism remains intact, Toncoin price could form a new ATH above $7.6.
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However, if the $7.0 violation fails again, TON will lose this upward trend. Although the next major support is at $6.5, Toncoin price has never stayed above it, making the altcoin vulnerable to a decline below. As a result, the bullish thesis will be invalidated.
Disclaimer
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