Bitcoin‘s price recently surpassed $70,300, leading to a significant recovery in altcoins, with TON Coin trading at $6.5. Despite the overall market positivity, TON Coin hasn’t achieved new highs. What are the future predictions for TON Coin? What’s in store for investors at this juncture?
Why Did TON Coin Stall?
TON Coin experienced notable gains even during a pessimistic market phase. However, as the market began to rise, TON Coin’s growth halted, which isn’t uncommon for altcoins that initially diverge positively. With the waning excitement, profit-taking in TON Coin became evident.
Additionally, the long-term risk of heavy selling persists since a small group holds 90% of TON Coin’s supply. The Average Coin Age metric shows a lack of confidence among current investors, indicating a decreasing tendency to hold their coins.
What’s Affecting Network Growth?
Potential TON Coin investors appear disinterested in the network’s growth. The Telegram-supported crypto’s prolonged upward trend might require consolidation for further advancement. Signs of this weakening are already visible.
Key Takeaways for Investors
- The $7.0 resistance level remains unbroken for TON Coin.
- Current support level is crucial at $6.5, with a short-term risk of falling to $6.2.
- A potential downward shift to $5.4 could occur if investor behavior doesn’t shift.
- If the $6 support holds or there’s a bounce from $6.5, investor interest might revive, potentially targeting the $7 and $9 levels.
The ongoing downward trend may persist unless there’s a shift in investor behavior. The response at the $6 support level will be crucial in determining the extent of the decline. A bounce from this level or sustained support at $6.5 could renew investor interest and drive accumulation, with the $7 level becoming a target once again.