Bitcoin price is above $70,300, and altcoins have significantly recovered this week. TON Coin is trading at $6.5. Although the overall market sentiment has turned positive, TON Coin has not reached new highs. What are the current predictions? What awaits investors at this stage?
TON Coin Analysis
Toncoin’s price achieved significant gains while the market was still pessimistic. However, when the market started to rise, TON Coin suddenly stalled. This is not surprising because altcoins that generally diverge positively tend to experience a similar fate. As the excitement for NOT Coin waned, profit-taking in TON Coin is not abnormal.
Moreover, in the long term, the risk of excessive selling is strong since 90% of TON Coin’s supply is held by a small number of investors. Looking at the Average Coin Age metric, we can see a lack of confidence among current TON Coin investors. The Average Coin Age calculates the duration each coin stays in its current address, and when this decreases, it indicates a weakening tendency to hold among investors for various reasons.
On the network growth front, potential TON Coin investors do not seem to show enough interest. The Telegram-supported crypto project’s weeks-long upward journey may need to undergo a consolidation phase for further rise. Indeed, it appears that this weakening has begun.
TON Coin Price Prediction
Toncoin tried to break the $7.0 resistance but failed. As a result, TON is lingering at the critical support level of $6.5. Despite BTC surpassing $70,000, the falling TON Coin is now back in the same region. While the strong improvement in overall market sentiment could help reclaim $6.5, the risk of falling to $6.2 remains in the short term.
This downward trend could continue to $5.4 unless investor behavior changes. The reaction at the $6 support level will determine the depth of the sales. However, if there is a bounce from the $6 support or if the $6.5 support is maintained, TON Coin investors’ appetite could strengthen, and if they start accumulating again, the $7 level could be retested. In this case, the $7 level will be targeted again, focusing on the $9 target.
