Despite Toncoin’s Macro Uptrend, Bearish Concerns Loom
Although the overall trend for Toncoin (TON) is bullish, recent days have seen a surge in bearish sentiment among investors. This has raised concerns about a potential sell-off that could erase recent gains.
Toncoin Investors Seeking Profit
Investor sentiment surrounding Toncoin remains mixed, leading to uncertainty about the future direction of the asset’s price. TON holders are currently at a crossroads, torn between holding onto their investments and cashing out for profits.
Recent data shows that investors have purchased approximately 793 million TON tokens at prices ranging from $6.12 to $6.77, amounting to over $5.2 billion in total value. With the current price of Toncoin at $6.59, there is a looming possibility of losses.
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Additionally, a rise in active deposits indicates that TON investors might be gearing up for selling activities. An uptick in this metric suggests a shift of assets from investor wallets to exchanges, typically signaling selling pressure.
In essence, TON holders are looking to recover from previous losses while also considering the potential for profit-taking. However, the implications of these actions on altcoins remain uncertain.
Toncoin Price Prediction: Breaking the $7 Barrier
Despite a recent 6.5% drop in Toncoin’s price to $6.59, the asset seems poised to continue its upward trajectory. The sustained demand, driven by revenue projections of $5.2 billion, could outweigh current profit-taking trends.
If Toncoin manages to break through the crucial resistance level at $7, it could pave the way for a further recovery. A successful breach above this point could propel the price towards $7.53, setting the stage for a potential retest of the all-time high at $8.28.
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Conversely, a break below the $6.43 support level could trigger a decline in Toncoin’s price to $6.04, potentially nullifying the bullish rationale and prolonging investors’ wait for returns.
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