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Bitcoin price dropping below $60,000 after a long period is troubling for cryptocurrencies. The constricted range and lower dips bring concerns about local peaks. If Bitcoin does not see an upward breakout soon, investor selling anxiety may increase, particularly causing significant declines in altcoins.
TON Coin
It remains a favorite altcoin, still not fatally impacted today. It has managed to stay within the top 8 by market value and top 25 in volume rankings. However, TON Coin, which has risen rapidly among the largest cryptocurrencies, must see a price correction at some point.
Historically, altcoins reaching ATH levels encounter intense selling by investors if market sentiment sees similar changes as observed today. The situation for TON Coin is slightly different, with a large portion of the supply held by just 10 wallets. However, a selling scenario supported by DAA divergence could also push them to take profits.
The Price Daily Active Addresses (DAA) Deviation indicator is signaling a sell. While the price remains relatively strong, network activity is decreasing, and if this view continues, we might see TON Coin investors starting voluminous sales.
TON Coin Price Prediction
As of this writing, TON Coin, with a market volume of $442 million, is finding buyers at $6.13, staying above its April 14 low. A potential selling wave could test the main support at $5.7. If BTC closes the week below $62,000, it could drop to the $58,000 and $52,000 regions. This would mean TON Coin breaking its support.
If support is lost, targets could aim below $4.7. Conversely, if regional tensions do not increase after the market closes on Friday and TON Coin overcomes the $6.5 barrier, it could target peaks above $7 for a new ATH. Such a comeback before the hype dies down would mean TON Coin investors emerge unscathed.
