Despite Bullish Trends, Toncoin Faces Bearish Concerns
While the overall trend for Toncoin (TON) is bullish, recent days have seen some bearish signals that are causing concerns among investors. The potential for a sell-off looms large, threatening to erase the recent gains in the price of TON.
Toncoin Investors Seeking Profit
Investor sentiment towards Toncoin is currently mixed, leading to uncertainty about the future direction of the price. TON holders are looking to capitalize on their investments either by holding on or by selling off. Recent data shows that investors have accumulated around 793 million tons at prices ranging from $6.12 to $6.77, amounting to over $5.2 billion. With the current price at $6.59, there is a risk of potential losses.
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Furthermore, an increase in active deposits indicates that TON investors might be gearing up to sell. A rise in this metric suggests a movement of assets from investor wallets to exchanges, signaling a possible selling pressure in the market. In essence, TON holders are attempting to recover from recent losses while potentially securing profits, but the impact of these actions on altcoins remains uncertain.
Expected Toncoin Price Movement: Breaking the $7 Barrier
Despite a recent 6.5% drop in Toncoin’s price to $6.59, the cryptocurrency seems poised to continue its upward trajectory. The sustained demand fueled by revenue projections of $5.2 billion could outweigh the current profit-taking activities. If Toncoin manages to surpass the crucial resistance level at $7, it could pave the way for a further recovery. A breakthrough above this level might propel the price towards $7.53, setting the stage for a potential move towards the all-time high of $8.28.
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On the flip side, a breach below the $6.43 support level could see Toncoin’s price decline to $6.04. Further downtrends could invalidate the bullish thesis, prolonging investors’ wait for returns.
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