Markets
Can Toncoin (TON) break above $7?
Toncoin (TON) price struggled to close above a critical resistance level that could change with the emergence of Notcoin.
Investors who prefer upside over profit-taking may confirm TON’s news on the uptrend.
Toncoin is safe from a fall.
Toncoin price has benefited from the recent rally surrounding Notcoin (NOT). NOT is the native token of a web3 game on the Toncoin blockchain. The altcoin has surged more than 220% in the past week, which has also instilled optimism of a rally among TON holders.
The market is positive towards upside, with the moving average convergence and divergence (MACD) pointing in the same direction. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price, helping to identify potential buying and selling signals.
It consists of the MACD line, the signal line and a histogram to evaluate the direction and momentum of the market.
This indicator is at the peak of a bullish crossover, meaning a further increase is likely. Once the bars on the histogram turn green, this potential will be confirmed.
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Toncoin MACD. Source: TradingView
Secondly, also comes optimism Lack of profit potential on the part of TON holdersking. Looking at the active addresses by profitability we note that less than 19% of participating investors are currently profitable.
Investors in for-profit transactions on the network tend to do so with the intention of securing their earnings. However, since they do not dominate the network, any damage they might cause is kept to a minimum.
TON Price Prediction: $7 is in the sights again
A rally is on the cards if Toncoin price follows the path mentioned above. With TON changing hands at $6.6 at the time of writing, it could clear the $7.0 barrier. This resistance has kept the altcoin below it for weeks now.
A breakout could trigger a bullish attitude throughout the market, pushing the price higher. At the moment, $7.6 marks an all-time high, and if optimism remains intact, Toncoin price could form a new all-time high above $7.6.
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However, if the move above $7.0 fails again, TON will lose this uptrend. Even though the next major support is at $6.5, Toncoin price has never stayed above it, making the altcoin vulnerable to a drop below. As a result, the bullish thesis will be invalidated.
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